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EX - 99.1 2 d121321dex991.htm EX - 99.1 Exhibit 99.1 M & T Bank Corporation Announces Agreement to Acquire People's United Financial , Inc. Will create a superregional banking franchise serving communities throughout the Northeast and Mid - Atlantic Buffalo , NY and Bridgeport , CT , February 22 , 2021 — M & T Bank Corporation ( NYSE : MTB ) ( “ M & T " ) and People's United Financial , Inc. ( NASDAQ : PBCT ) ( “ People's United ” ) announced today that they have entered into a definitive agreement under which M & T will acquire People's United in an all - stock transaction . The combined company will create a diversified , community - focused banking franchise with approximately $ 200 billion in assets and a network of more than 1,100 branches and over 2,000 ATMs that spans 12 states from Maine to Virginia and the District of Columbia . The combined franchise will operate across some of the most populated and attractive banking markets in the U.S. As part of the transaction , People's United's current headquarters in Bridgeport , Connecticut will become the New England regional headquarters for M & T , further strengthening the combined company's commitment to Connecticut and the region . Under the terms of the agreement , People's United shareholders will receive 0.118 of a share of M & T common stock for each People's United share they own . Following completion of the transaction , former People's United shareholders will collectively own approximately 28 % of the combined company . The implied total transaction value based on closing prices on February 19 , 2021 is approximately $ 7.6 billion . " In People's United , we have found a partner with an equally long history of serving and supporting customers , businesses and communities , ” said René Jones , chairman and chief executive officer of M & T , who will lead the combined company in the same capacity . " Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers , and provide solutions that make a difference in people's lives . I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M & T family . " " M & T is a like - minded partner that shares our culture of supporting communities by focusing on building meaningful relationships and providing personalized products , services and local market expertise to customers , while building on our legacy of excellence in service , " said Jack Barnes , chairman and chief executive officer of People's United . “ The merger extends our reach by providing customers access to a larger banking network and an expanded array of services . I am confident our shared community banking philosophies will provide significant long - term value for our shareholders , employees and loyal customers . " Key attractions of the proposed transaction Unique strategic position and enhanced platform for growth : The merger will create the leading community - focused commercial bank in the Northeast and Mid - Atlantic regions , with the scale and share to compete effectively . The two companies have a complementary top - tier deposit share in core markets with a top three share in most of their respective top 10 markets . The footprint of the combined company spans an economically diverse region that accounts for over 20 % of the U.S. population and over 25 % of U.S. GDP . 1