BUFFALO, N.Y., Oct. 21, 2021 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") announced today that it has
received approval from the New York
State Department of Financial Services and the Connecticut
Department of Banking to complete the merger of M&T Bank with
People's United Bank.
The combined bank will create a diversified, community-focused
franchise that will provide customers and communities with access
to an expanded network and an increased array of products and
services.
The merger of M&T and People's United Financial, Inc.
(NASDAQ: PBCT) ("People's United") was unanimously approved by the
board of directors of each company and is subject to the
satisfaction of other customary closing conditions, including the
approval of the Board of Governors of the Federal Reserve System
for each of the holding company and bank mergers. Shareholders at
both M&T and People's United approved the transaction on
May 25, 2021 at their respective
special 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
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
Columbia. Trust-related services are provided by M&T's
Wilmington Trust-affiliated companies and by M&T Bank.
M&T Bank has earned an "Outstanding" Community Reinvestment
Act rating 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
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 businesses, 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 timing, completion and effects of the proposed
transactions and M&T's and People's United'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
proposed 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
occurrence of any event, change or other circumstances that could
give rise to the right of one or both of the parties to terminate
the definitive merger agreement between M&T and People's
United; the outcome of any legal proceedings that may be instituted
against M&T or People's United; the possibility that the
proposed transaction will not close when expected or at all because
required regulatory or other approvals are not received or other
conditions to the closing are not satisfied on a timely basis or at
all, or are obtained subject to conditions that are not
anticipated; the risk that any announcements relating to the
proposed combination could have adverse effects on the market price
of the common stock of either or both parties to the combination;
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 and People's United
do business; certain restrictions during the pendency of the merger
that may impact the parties' ability to pursue certain business
opportunities or strategic transactions; the possibility that the
transaction may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; 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
announcement or completion of the transaction; M&T's and
People's United's success in executing their respective business
plans and strategies and managing the risks involved in the
foregoing; and other factors that may affect future results of
M&T and People's United; the business, economic and political
conditions in the markets in which the parties operate; the risk
that the proposed combination and its announcement could have an
adverse effect on either or both parties' ability to retain
customers and retain or hire key personnel and maintain
relationships with customers; the risk that the proposed
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 proposed combination may be
lower than expected, including for possible reasons such as
unexpected costs, charges or expenses resulting from the
transactions; 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, People's United and the
proposed combination.
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,
People's United or their respective 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 and subsequent Form
10–Qs, including in the respective Risk Factors sections of such
reports, 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