M&T Bank Corporation Completes Acquisition of People’s United Financial, Inc.

The combined company creates a 200 billion dollars banking franchise serving Northeast and Mid-Atlantic communities from Maine for Virginia and washington d.c.

Systems conversion is expected to take place in the third quarter of 2022

BUFFALO, NY, April 2, 2022 /PRNewswire/ — M&T Bank Corporation (NYSE: MTB) (“M&T”) today announced 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 more than 1,000 branches and 2,200 ATMs that span 12 states in Maine for Virginia and washington d.c. People’s United common stock no longer trades on NASDAQ after Friday, April 1, 2022.

“Today marks an important day in the history of M&T as we welcome People’s United into our family,” said Rene 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 on the communities we serve. Together we have the capabilities and scale of a regional bank with the model engagement 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 leverage People’s United’s complementary footprint to reach a wide range of customers and expand into new regions. The franchise will operate in some of the most populated and attractive banking markets in the United States. As part of this effort, People’s United headquarters in Bridgeport, Connecticutis now M&T’s regional headquarters in New England.

The combined company will continue to focus on providing superior customer service and a strong commitment to the communities it serves. People’s United customers 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, which is expected to happen. produce in the third quarter of 2022. However, M&T and People’s United customers can now use any M&T Bank or People’s United Bank ATM to withdraw cash.

As part of the merger, M&T Bank had previously announced a community growth plan – developed in conjunction with the National Community Reinvestment Coalition (NCRC) and local community organizations – which will provide loans, investments and other financial support to low-to-moderate income (LMI) families and neighborhoods through the Footprint combination of M&T and People’s United.

M&T and People’s United have long been recognized for their community involvement and support of civic organizations. Over the past decade, M&T and its charitable foundation have contributed more than $279 million to more than 7,600 not-for-profit organizations. Since their inception, the People’s United Community Foundation and the People’s United Community Foundation of Eastern Massachusetts have collectively granted more than $47 million to thousands of nonprofits in 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 in the northeastern United States, from Maine for Virginia and washington d.c. Trust-related services are provided in certain markets in the United States and abroad by affiliates of M&T’s Wilmington Trust and M&T Bank. For more information about 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

Caution 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. ‘fine. Forward-looking statements are based on current expectations, estimates and projections about M&T’s business, the 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, outlook, targets, objectives and prospects. Forward-looking statements are generally 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 these words or by similar expressions. statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Future Factors”) that are difficult to predict, and therefore actual results may differ materially from what is expressed or anticipated in such forward-looking statements.

In addition, the following factors, among others, relating to the transaction between M&T and People’s United, could cause actual results to differ materially from forward-looking statements or historical performance: the outcome of any legal proceedings that may be brought against M&T; the possibility that the expected benefits of the transaction may not be realized when expected or at all, including due to the impact or issues arising from the integration of the two companies or due to the strength of the economics and competitive factors in the areas in which M&T operates; diversion of management’s attention from ongoing business operations and opportunities; potential adverse effects or changes in 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 M&T’s future results; the business, economic and political conditions of the markets in which M&T operates; the risk that the combination will adversely affect M&T’s ability to retain customers and retain or hire key personnel and maintain customer relationships; the risk that the combination will be more difficult or take longer than expected, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; the revenues following the combination may be lower than expected, including for possible reasons such as unforeseen costs, charges or expenses resulting from the transactions; the risk that M&T’s five-year community growth plan will not achieve the results initially expected or anticipated due to the performance of the US economy or changes in laws and regulations affecting beneficiaries of such plan; unforeseen risks related to M&T or People’s United liabilities that may exist; and uncertainty about the extent of the duration, scope and impacts of the COVID-19 pandemic on M&Ts.

These are indicative of 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, nationally or in the states in which M&T or its subsidiaries operate. , including interest rate and currency exchange rate fluctuations, changes and trends in securities markets and other future factors.

M&T provides further details regarding these risks and uncertainties in its most recent Form 10-K, including in the Risk Factors section of this report, and in subsequent filings with the SEC. Forward-looking statements speak only as of the date they are made, and M&T undertakes no obligation or undertaking to update any forward-looking statements.

M&T Banking Corporation

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SOURCE M&T Bank Corporation

Luisa D. Fuller