M&T completes $8.3B acquisition of People's United, creating $200B bank

M&T BANK CORP

Deal valued at $8.3B; each PBCT share converted into 0.118 MTB share.
Combined company has $200B in assets, 22,000 employees, 1,000+ branches across 12 states and D.C.
M&T assumed $75M 5.75% sub notes due 2024, $500M 3.65% senior notes due 2022, and $400M 4.00% sub notes due 2024.
Four People's United directors elected to M&T board: John Barnes, Kirk Walters, Jane Chwick, William Cruger.
Non-compete payments of $18M to John Barnes and $6M to Kirk Walters made effective April 1, 2022.

item 2.01 item 2.03 item 3.03 item 5.02 item 5.03 item 8.01 item 9.01

Executive movements

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Appointed

John P. Barnes

Director

MTB · M&T BANK CORP

Filed: April 4, 2022, 7:59 PM ET

the Board of Directors of M&T (the “Board”) elected to the Board John P. Barnes, the Chief Executive Officer and Chairman of the Board of People’s United immediately prior to Effective Time

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

John P. Barnes was elected as Director at M&T BANK CORP.

Action: elected
Role: Director

Exact text from the filing

the Board of Directors of M&T (the “Board”) elected to the Board John P. Barnes, the Chief Executive Officer and Chairman of the Board of People’s United immediately prior to Effective Time

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M&T BANK CORP filing history →

Source: SEC EDGAR

accession 0001193125-22-094296

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