M&T Bank Corporation Receives New York State Department of Financial Services and Connecticut Banking Department Approval for Merger of M&T Bank and People’s United Bank


BUFFALO, NY, 21 October 2021 / PRNewswire / – M&T Bank Corporation (NYSE: MTB) (“M&T”) today announced that it has received approval from New York State Department of Financial Services and the Connecticut Department of Banking to finalize the merger of M&T Bank with People’s United Bank.

The combined bank will create a diverse, community-driven franchise that will provide customers and communities with access to an expanded network and an increased range of products and services.

The merger of M&T and People’s United Financial, Inc. (NASDAQ: PBCT) (“People’s United”) has been unanimously approved by the board of directors of each company and is subject to the satisfaction of other conditions of customary closings, including approval by the Federal Reserve System Board of Governors for each of the holding company and bank mergers. M&T and People’s United shareholders approved the transaction on May 25, 2021 at their respective extraordinary meetings of shareholders.

About M&T Bank Corporation
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s main banking subsidiary, M&T Bank, operates bank offices in new York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Colombia. Trust related services are provided by affiliates of M & T’s Wilmington Trust and by M&T Bank.

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

M&T Contacts:
Investors: Donald J. MacLeod, 716-842-5138
Media: Maya dillon, 646-735-1958

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. . Forward-looking statements are based on current expectations, estimates and projections regarding M&T’s business, the beliefs of M&T management and assumptions made by M&T 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, outlook, objectives, objectives and prospects. by M&T and People’s United. Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “intend”, “target”, “estimate”, “continue”, “position”, ” , “by future conditional verbs such as” will “,” would “,” should “,” could “or” may “, or by variations of these 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 results and results may differ materially from what is expressed or expected in these 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 circumstances that could give rise to the right for one 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 will not close on time or not at all because regulatory or other required approvals are not received or other conditions at closing are not met on time or at all, or are obtained subject to conditions which are not foreseen; the risk that any announcement of the proposed combination could adversely affect the market price of the common shares of one or both of the parties to the combination; the possibility that the expected benefits of the transaction may not materialize when expected or may not materialize at all, including due to the impact or problems resulting 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 and People’s United operate; certain restrictions during the duration of the merger which may impact the ability of the parties to pursue certain business opportunities or strategic transactions; the possibility that the transaction will be more costly to complete than expected, in particular due to unforeseen factors or events; distraction of management’s attention from ongoing business operations and opportunities; potential unwanted reactions or changes in business relationships or with employees, including those resulting from the announcement or completion of the transaction; the success of M&T 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 could affect the future results of M&T and People’s United; the commercial, 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 of the 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 longer than expected, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; revenue from the proposed reconciliation may be lower than expected, including for possible reasons such as unforeseen costs, charges or expenses resulting from transactions; unforeseen risks associated with M&T or People’s United responsibilities 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 representative of future factors that could affect the outcome of forward-looking statements. In addition, these statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, whether at the national level or in the States in which M&T, People’s United or their respective subsidiaries do business including interest rates and the 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 latest Form 10-K and subsequent Forms 10-Q, including in the respective Risk Factors sections of these reports, as well as in subsequent filings with the SEC. Forward-looking statements speak only as of the date they are posted, and M&T assumes no obligation and does not undertake to update any forward-looking statements.

SOURCE M&T Bank Corporation

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