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Since the conversion over Labor Day weekend of People’s United Bank accounts to M&T Bank accounts, customers have not hesitated to speak out about the problems they have experienced with the changeover, which is the byproduct of M&T’s $8.3 billion acquisition of People’s earlier this year.
Many of the complaints have been directed to the state’s top elected officials, including members of the General Assembly’s Banking Committee. The feedback has troubled those legislators who said that even though they have limited ability to regulate the Buffalo, N.Y.-headquartered M&T that they are determined to find ways to bolster protections for customers of M&T and other banks, which are part of an industry continuously consolidating through mergers and acquisitions.
“I had received assurances from M&T that they were going to have plenty of folks on staff and that this would go smoothly. And it didn’t,” state Rep. Tom Delnicki, R-South Windsor, ranking House member of the Banking Committee, said in an interview this week. “And it doesn’t bode well for any future mergers that occur where you have an out-of-state bank come in and take over another bank that’s here in Connecticut.”