involving an M&T branch and the acquisition closed on November 2, 2015. 2020s February 2021: acquired People's United Bank in an all-stock transaction valued at approximately $7.6 billion. The acquisition was completed on April 2, 2022. Legal issues Money laundering In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 in drug proceeds that had been laundered through its Perry Hall, Maryland, branch. At least 8 times from 2011 to 2013, Deanna Bailey, a drug dealer, went to the branch and had head teller Sabrina Fitts convert cash amounts from $20,000 to $100,000 into larger bills. Fitts accepted a 1% transaction fee in exchange for not filing a currency transaction report. This violated the Bank Secrecy Act of 1970 which requires all cash transactions of more than $10,000 to be reported to the Internal Revenue Service. The acquisition of Hudson City Bancorp was delayed for more than 3 years by the Federal Reserve Board, which was unconvinced that the bank's anti-laundering controls were strong enough. References External links Banks based in New York (state) Companies based in Buffalo, New York American companies established in 1856 Banks established in 1856 Companies listed on the New York Stock Exchange