With M&T Bank and People’s United Bank still waiting for federal regulatory approval one year after announcing merger plans, the banks have extended their merger agreement for another three months.

Buffalo-based M&T Bank and Connecticut-based People’s United said in a statement Friday that the two companies have agreed to extend their merger agreement from Feb. 21 to June 1.

The merger deal, valued at approximately $7.6 billion, was announced on Feb. 22 of last year. The New York State Department of Financial Services and the Connecticut Department of Banking approved the merger in October, but the deal still needs approval from the Board of Governors of the Federal Reserve System.

“M&T and People’s United both remain committed to the merger and seeking such approval,” the statement said.

The $63 billion-asset People’s United has more than 60 branches across Massachusetts, and the deal would give M&T its first retail branches in the state.

“The combined company will operate across some of the most populated and attractive banking markets in the U.S. and continue to focus on delivering superior customer service and strong engagement in the communities it serves, which includes commitments made by M&T of a $43 billion community growth plan,” the statement said.

As part of the acquisition, the $151 billion-asset M&T has created a five-year community benefits plan that will provide $43 billion in loans, investments and other financial support in the combined M&T and People’s United footprint.