(Bloomberg) -- M&T Bank Corp. is set to acquire People's United Financial Inc. in an all-stock deal valued at more than $7 billion, according to a person familiar with the matter.
The deal could be announced as soon as Monday morning, the person said, who asked to not be identified because the matter isn't public.
Buffalo, New York-based M&T's Chief Executive Officer Rene Jones will lead the combined company, which will have about $200 billion in assets, the person said.
Representatives for M&T and People's United declined to comment. The Wall Street Journal reported on the talks earlier.
The tie-up between M&T and People's United marks the latest in a string of recent deals among regional banks as they seek size to counter low interest rates, tepid loan demand and the need for greater technology spending.
Huntington Bancshares Inc. agreed to buy TCF Financial Corp. for about $6 billion in December, while PNC Financial Services Group Inc. said in November it will pay $11.6 billion for Banco Bilbao Vizcaya Argentaria SA's banking operations in the U.S.
M&T shares climbed 18% this year, giving it a $19.2 billion market value. People's United jumped 21%, valuing the company at $6.7 billion at the close on Friday. Both stocks outperformed the 9.6% gain in the Standard and Poor's 500 Financials Index.
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