M&T Bank Corp. (MTB) Receives Approval From New York State Department of Financial Services and Connecticut Department of Banking for Merger of M&T Bank and People's United Bank (PBCT)

October 21, 2021 4:22 PM EDT

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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.

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