M&T Bank Corporation And People's United Financial, Inc. Extend Merger Agreement From Feb. 21 To Jun. 1

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.