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M&T says $7.6 billion deal for People's United Financial remains on track

M&T Bank Corp.'s acquisition of People’s United Financial remains on schedule, said René F. Jones, M&T’s chairman and CEO.
“We’re still waiting for regulatory approval,” Jones said at the Barclays Global Financial Services Conference this week. “Our intention was to try to get a deal closed in the fourth quarter, and to do that as soon as possible within the quarter. We’re still focused on that.”
The $7.6 billion, all-stock deal with Connecticut-based People’s will expand M&T’s presence throughout New England. Shareholders of the two banks have approved the deal, which was announced in February.

Planning for integrating the two banks has gone smoothly, Jones said. “The most notable thing that I can tell you that I’ve learned since the announcement is how narrow the margin, the gap is between the cultures and philosophies of the two banks."
Buffalo-based M&T is aiming to complete a technology systems conversion in the first quarter of 2022, once regulators approve the deal.
The bank expects to achieve about 85% of its projected $330 million in cost savings from the acquisition next year.
In July, M&T disclosed plans for job cuts in People’s operations stemming from the deal, including 747 job cuts in Connecticut. That led to pushback from elected officials in Connecticut, who said the cuts were deeper than they had been led to believe.

“What the representatives from Connecticut gave us a chance to do was to engage earlier than we typically do with community groups, with government officials, to tell our story and to talk about how we bank and how it might be different from some of the things that People’s has done over time,” Jones said.
Taking stock of the economy, Jones said the tight labor market remains M&T clients’ No. 1 concern.
“It doesn’t really matter what industry you’re in,” he said. “A year ago, we were talking about that in restaurants. Today, it’s across every single industry, the ability to find workers.
“And there’s a need to pay up for them,” Jones said. “And we’re not talking about people switching jobs within industries. Now they’re crossing over industries.”

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