BUFFALO, N.Y. and BRIDGEPORT, Conn., Feb.
18, 2022 /PRNewswire/ -- M&T Bank Corporation (NYSE:
MTB) ("M&T") and People's United Financial, Inc. (NASDAQ: PBCT)
("People's United") jointly announced today that the two companies
have agreed to extend their merger agreement from February 21, 2022 to June
1, 2022.
The merger received approval from both the New York State Department of Financial
Services and the Connecticut Department of Banking in October 2021. Approval by the Board of Governors
of the Federal Reserve System is the outstanding regulatory
approval required to complete the merger. M&T and People's
United both remain committed to the merger and seeking such
approval.
Following the closing of the merger, the combined company will
operate across some of the most populated and attractive banking
markets in the U.S. and continue to focus on delivering superior
customer service and strong engagement in the communities it
serves, which includes commitments made by M&T of a
$43 billion community growth
plan.
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.
About People's United Financial
People's United
Financial, Inc. is a financial holding company headquartered in
Bridgeport, Connecticut. People's
United Bank, N.A., a subsidiary of People's United Financial, Inc.,
is a diversified, community-focused financial services company with
more than 5,000 employees. Founded in 1842, People's United Bank
offers commercial and retail banking through a network of nearly
400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine, as well as wealth management solutions.
The company also provides specialized commercial services to
customers nationwide.
M&T Contacts:
Investors: Brian Klock,
716-842-5138
Media: Maya Dillon, 646-735-1958;
and Julia Berchou, 716-842-5385
People's United Contacts:
Investors: Andrew Hersom, 203-338-4581
Media: Steven Bodakowski,
203-338-4202
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