Buffalo-based M&T Bank expects to complete its acquisition of Connecticut-based People’s United Bank on or around April 1, the banks said in a statement yesterday.

M&T Bank Corp. had received federal approval for the merger on Friday, more than a year after announcing plans to acquire People’s United Financial in a $7.6 billion deal.

Once the acquisition is complete, the combined institution will have approximately $215 billion in total assets.

The system conversion that will bring People’s United customers into M&T Bank will not happen right away. M&T expects to convert the systems in the third quarter.

Until the conversion is complete, customers will continue to work with their respective M&T and People’s United branches, websites, mobile apps, financial advisers, and relationship managers, the statement said. Massachusetts has 64 People’s United branches across the state.

The Federal Reserve’s approval was the final regulatory piece needed to complete the acquisition. The banks said the deal is still subject to the satisfaction or waiver of customary closing conditions.