Combined company creates a $200
billion banking franchise serving communities in the
Northeast and Mid-Atlantic from Maine to Virginia and Washington, D.C.
Systems conversion expected to take place in the third
quarter of 2022
BUFFALO,
N.Y., April 2, 2022 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") announced today the successful
completion of M&T's acquisition of People's United Financial,
Inc. (NASDAQ: PBCT) ("People's United") valued at $8.3 billion. The combined company employs more
than 22,000 people and has a network of over 1,000 branches and
2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. People's United common stock
no longer trades on the NASDAQ after Friday,
April 1, 2022.
"Today marks an important day in M&T's history as we welcome
People's United to our family," said René Jones, chairman and chief
executive officer of M&T, who will lead the combined company in
the same capacity. "People's United is a strong strategic and
cultural fit and I am truly excited about the positive impact our
combined company will have in the communities we serve. Together,
we have the capabilities and scale of a regional bank with the
engagement model of a community-based organization to help us
better serve new and existing customers, businesses and
communities."
The acquisition accelerates M&T's growth trajectory and
strengthens the company's financial profile for continued success.
M&T will build on People's United's complementary footprint to
reach a broad range of customers and expand into new regions. The
franchise will operate across some of the most populated and
attractive banking markets in the U.S. As part of this effort,
People's United's headquarters in Bridgeport, Connecticut, is now M&T's New
England regional headquarters.
The combined company will continue to focus on delivering
superior customer service and strong engagement in the communities
it serves. Clients of People's United will continue to be served
through its current branches, websites, mobile apps, financial
advisors and relationship managers until its brand and systems are
fully converted to M&T's, which is expected to occur in the
third quarter of 2022. However, customers from both M&T
and People's United can now use any M&T Bank or People's United
Bank ATM to withdraw cash.
As part of the merger, M&T Bank previously announced a
five-year community growth plan – developed in collaboration with
the National Community Reinvestment Coalition (NCRC) and local
community organizations – that will provide loans, investments and
other financial support for low-to-moderate income (LMI) families
and neighborhoods across the combined M&T and People's United
footprint.
Both M&T and People's United have been long recognized for
their community commitments and support of civic organizations.
Over the past decade, M&T and its charitable foundation have
contributed over $279 million to more
than 7,600 nonprofits. Since their inceptions, People's United
Community Foundation and People's United Community Foundation of
Eastern Massachusetts have
collectively granted over $47 million
to thousands of nonprofits within the geographic area they
serve.
About M&T Bank Corporation
M&T Bank Corporation is a financial holding company
headquartered in Buffalo, New
York. M&T's principal banking subsidiary, M&T Bank,
provides banking products and services in 12 states across the
northeastern U.S. from Maine to
Virginia and Washington, D.C. Trust-related services are
provided in select markets in the U.S. and abroad by M&T's
Wilmington Trust-affiliated companies and by M&T Bank. For more
information on M&T Bank, visit
www.mtb.com
M&T
Contacts
Investors:
Brian Klock
716-842-5138
Media:
Maya Dillon
646-735-1958
David Samberg
551-235-3406
Cautionary Note Regarding Forward-Looking
Statements
This communication includes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on current expectations,
estimates and projections about M&T's business, beliefs of
M&T's management and assumptions made by M&T's management.
Any statement that does not describe historical or current facts is
a forward-looking statement, including statements regarding the
expected effects of the transactions and M&T's expected
financial results, prospects, targets, goals and outlook.
Forward-looking statements are typically identified by words such
as "believe," "expect," "anticipate," "intend," "target,"
"estimate," "continue," "positions," "prospects" or "potential," by
future conditional verbs such as "will," "would," "should,"
"could," or "may," or by variations of such words or by similar
expressions. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions ("Future Factors") which are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking
statements.
In addition, the following factors, among others, related to
the transaction between M&T and People's United, could cause
actual outcomes and results to differ materially from
forward-looking statements or historical performance: the outcome
of any legal proceedings that may be instituted against M&T;
the possibility that the anticipated benefits of the transaction
will not be realized when expected or at all, including as a result
of the impact of, or problems arising from, the integration of the
two companies or as a result of the strength of the economy and
competitive factors in the areas where M&T does business;
diversion of management's attention from ongoing business
operations and opportunities; potential adverse reactions or
changes to business or employee relationships, including those
resulting from the completion of the transaction; M&T's success
in executing its business plans and strategies and managing the
risks involved in the foregoing; and other factors that may affect
future results of M&T; the business, economic and political
conditions in the markets in which M&T operates; the risk that
the combination could have an adverse effect on M&T's ability
to retain customers and retain or hire key personnel and maintain
relationships with customers; the risk that the combination may be
more difficult or time-consuming than anticipated, including in
areas such as sales force, cost containment, asset realization,
systems integration and other key strategies; revenues following
the combination may be lower than expected, including for possible
reasons such as unexpected costs, charges or expenses resulting
from the transactions; the risk that M&T's five-year community
growth plan may not achieve the results or outcome originally
expected or anticipated as a result of performance of the U.S.
economy or changes to the laws and regulations affecting the
beneficiaries of such plan; the unforeseen risks relating to
liabilities of M&T or People's United that may exist; and
uncertainty as to the extent of the duration, scope, and impacts of
the COVID-19 pandemic on M&T.
These are representative of the Future Factors that could
affect the outcome of the forward-looking statements. In addition,
such statements could be affected by general industry and market
conditions and growth rates, general economic and political
conditions, either nationally or in the states in which M&T or
its subsidiaries do business, including interest rate and currency
exchange rate fluctuations, changes and trends in the securities
markets, and other Future Factors.
M&T provides further detail regarding these risks and
uncertainties in its latest Form 10-K, including in the Risk
Factors section of such report, as well as in subsequent SEC
filings. Forward-looking statements speak only as of the date made,
and M&T does not assume any duty and does not undertake to
update forward-looking statements.
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SOURCE M&T Bank Corporation