BRIDGEPORT, Conn., March 4, 2022 /PRNewswire/ -- People's United
Financial, Inc. (NASDAQ: PBCT) ("People's United") announced today
receipt of regulatory approval from the Board of Governors of the
Federal Reserve System to complete the previously announced
acquisition of People's United by M&T Bank Corporation
(NYSE: MTB) ("M&T").
The transaction has also received approval from both
the New York State Department of Financial Services and
the Connecticut Department of Banking. No further regulatory
approvals are required. The merger is expected to be completed in
accordance with the law and the agreement.
The merger was unanimously approved by the board of directors of
each company. Shareholders at both People's United and M&T
approved the transaction on May 25, 2021, at their
respective special meetings.
About People's United
People's United Bank, N.A. is a
subsidiary of People's United Financial, Inc., a diversified,
community-focused financial services company headquartered in the
Northeast with approximately $65
billion in assets. 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.
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 and People's United's
businesses, beliefs of M&T's and People's United's management
and assumptions made by M&T's and People's United'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
certain conditions to the closing are not satisfied on a timely
basis or at all; 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 People's United Financial, Inc.
