M&T Bank Corporation Receives Regulatory Approval from Federal Reserve Board of Governors for People’s United Merger

BUFFALO, NY, March 4, 2022 /PRNewswire/ — M&T Bank Corporation (NYSE: MTB) (“M&T”) today announced that it has received regulatory approval from the Federal Reserve Board of Governors to complete the previously announced acquisition of People’s United Financial, Inc. (NASDAQ: PBCT) (“People’s United”). The transaction also received the approval of the New York State Connecticut Department of Financial Services and Department of Banking. No other regulatory approval is required. The merger should be carried out in accordance with the law and the agreement.

The merger was unanimously approved by each company’s board of directors. M&T and People’s United shareholders approved the transaction on May 25, 2021 at their respective special meetings.

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, operates banking offices in new York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Colombia. Trust-related services are provided by Wilmington Trust affiliates of M&T and M&T Bank.

M&T Bank has received an “Outstanding” Community Reinvestment Act rating from the Federal Reserve Bank of new York since 1982, its highest ranking.

M&T contacts:
Investors: Brian Klock716-842-5138
Media: Maya Dillon646-735-1958

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 and People’s United’s business, the beliefs of M&T and People’s United management and assumptions made by M&T and People’s United management. Any statement that does not describe historical or current facts is a forward-looking statement, including statements regarding the timing, completion and expected effects of the proposed transactions and the expected financial results, prospects, targets, objectives and prospects of M&T and People’s United. 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 proposed transaction between M&T and People’s United, could cause actual results to differ materially from forward-looking statements or historical performance: the occurrence of any event, change or other circumstance that may give rise to the right of either or both parties to terminate the definitive merger agreement between M&T and People’s United; the outcome of any legal proceedings that may be brought against M&T or People’s United; the possibility that the proposed transaction may not close when expected or at all because certain closing conditions are not satisfied in a timely manner or at all; the risk that any announcement relating to the proposed combination could adversely affect the market price of the common shares of one or both parties to the combination; 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 economic and competitive factors in the regions where M&T and People’s United do business; certain restrictions during the term of the merger that may impact the ability of the parties to pursue certain business opportunities or strategic transactions; the possibility that the transaction may be more costly to complete than expected, including due to unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes in business or employee relationships, including those resulting from the announcement or completion of the transaction; the success of M&T’s and People’s United in executing their respective business plans and strategies and in managing the risks involved in the foregoing; and other factors that may affect the future results of M&T and People’s United; the business, economic and political conditions of the markets in which the parties operate; the risk that the proposed combination and its announcement could adversely affect the ability of one or both parties to retain customers and retain or hire key personnel and maintain customer relationships; the risk that the proposed 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; revenues following the proposed combination could be lower than expected, including for possible reasons such as unforeseen costs, charges or expenses resulting from the transactions; unforeseen risks related to M&T or People’s United liabilities that may exist; and uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic on M&T, People’s United and the proposed combination.

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, People’s United or their respective affiliates operate. their activities, including interest rates and the exchange rate. fluctuations, changes and trends in the securities markets and other future factors.

M&T provides further details regarding these risks and uncertainties in its most recent Form 10-K and subsequent Forms 10-Q, including in the respective risk factors sections of those reports, as well as in subsequent filings with the DRY. 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