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M&T Bank Corp to Purchase People s United Financial Inc
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BUFFALO, N.Y. and BRIDGEPORT, Conn., Feb. 22, 2021 /PRNewswire/ 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.
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BRIDGEPORT, Conn., Dec. 21, 2020 /PRNewswire/ The People s United Community Foundation (PUCF) and People s United Community Foundation of Eastern Massachusetts (PUCF of Eastern MA), the philanthropic arms of People s United Bank, N.A. (NASDAQ: PBCT), announced that it has awarded more than $3.95 million to over 600 non-profit organizations in 2020.
COVID-19 has had a significant impact on local communities, particularly among underserved populations that have been disproportionately impacted. The Foundations grants were focused on supporting nonprofit partners in COVID-19 relief and recovery efforts including expediting grants, providing additional funding support, and investing in COVID-19 Relief Funds. In addition, grant application deadlines were extended, grants were converted to general operating support, and reporting requirements were eased to reduce the burden on nonprofits.