(WFSB) - Here is the Morning Business Report for Tuesday, Feb. 23.
M&T bank in Buffalo has agreed to buy People’s United Financial headquartered in Bridgeport.
M&T said it will buy the $63 billion-asset People’s United for $7.6 billion in stock. The deal, which is expected to close in the fourth quarter.
The merger — the first for M&T since it bought Hudson City Bancorp in Nov. 2015 — would create a bank with more than 1,100 branches and roughly $200 billion of assets. The footprint would stretch from Maine to Virginia.
The GameStop story isn’t over yet.
The stock surged Monday as the Reddit leader known as “Roaring Kitty” said he’s buying more.
The stock went up 13 percent.
No more Jeep Cherokees?
The chief of the Cherokee Nation wants Jeep to stop using tribe’s name on SUVs.
The company has used the Cherokee name for more than 45 years, including for two current SUVs.
Jeep said it is “committed to a respectful and open dialogue with Cherokee nation.”
Tech hit hard
Big tech was hit hard Monday.
The Nasdaq fell 2.5 percent.
The Dow closed a little higher as investors bet on “reopening” stocks as COVID cases drop.