Combined Company Creates $200 Billion Banking Franchise Serving Northeast and Mid-Atlantic Communities from Maine to Virginia and Washington, D.C.
Systems conversion is expected to take place in the third quarter of 2022
Vermont Business Magazine M&T Bank Corporation (NYSE: MTB) announced on Saturday the successful completion of M&T’s acquisition of People’s United Financial, Inc. (NASDAQ: PBCT) 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 from Maine to Virginia and Washington, DC. People’s has branches throughout Vermont and is the former Chittenden Bank. People’s United common stock no longer trades on NASDAQ after Friday, April 1, 2022.
See questions and answers below.
“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, Connecticut is 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 donated more than $279 million to more than 7,600 nonprofits. 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 nonprofit organizations 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 to Virginia and Washington, DC. by M&T Bank. For more information about M&T Bank, visit www.mtb.com
M&T Bank Q&A
1. For People’s United customers, when will their bank name (and other signs, logos, etc.) change?
While People’s United is now part of M&T Bank, its former branches and most of the services offered will operate as “People’s United, a division of M&T Bank” until we complete the integration of our systems in the third quarter of 2022. Meanwhile, account information, account-related documents, including debit card and branch/ATM receipts, and other banking documents may continue to reflect People’s name or logo United Bank, NA or other People’s United brands.
2. How and when will M&T notify People’s United customers of the changes?
We will notify customers well in advance of any changes to their accounts or other services. Customers should look for the “M&T green” logo in their mail for important updates. They can also get up-to-date information at mtb.com/peoples.
Because the privacy and security of our customers’ information is important to M&T, we remind People’s United customers that M&T will never ask for sensitive information such as personal data, account or card numbers, login usernames or passwords through unsolicited emails, text messages or phone numbers. calls.
3. Can People’s United customers now bank at M&T branches and ATMs?
People’s United customers should continue to use People’s United branches, websites, mobile apps, financial advisors and relationship managers until the conversion of our systems is complete in the third quarter of 2022. However , M&T and People’s United customers will be able to withdraw cash from any of more than 2,200 M&T and People’s ATMs from Maine to Virginia, including Washington, D.C.
4. What about People’s United checks, debit cards, credit cards?
People’s United customers should continue to bank as they normally would – and that includes using their current People’s United checks, debit cards and credit cards. All accounts will switch to M&T branded materials after the systems conversion in the third quarter of this year.
5. What about customers with People’s United loans?
People’s United customers should continue to repay their loans as they do now. Their statements and other communications will carry the People’s United name until they are updated with the M&T Bank name. Customers should note that payment addresses may change in the future, but this will not be until later in 2022, and they will receive notice from M&T.
6. What should customers do if their contact details have changed?
If a current People’s United customer’s name, address, email or phone number has changed, they should update their information as soon as possible to ensure they receive all important communications. from M&T, as well as documents such as new debit cards, checks, etc. They can update their information through People’s United Online Banking, at any People’s United branch, or by calling 1-800-894-0300.
Source: BUFFALO, NY, April 2, 2022 — M&T Bank