Day: February 24, 2021

M&T Bank Corp. Announces Agreement to Acquire People’s United Financial Inc.

By
Daily News

BRIDGEPORT, Conn. — M&T Bank Corp. and People’s United Financial Inc. announced 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 banking franchise with approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs spanning 12 states from Maine to Virginia and the District of Columbia. The combined franchise will operate across some of the most populated banking markets in the U.S. As part of the transaction, People’s United’s current headquarters in Bridgeport, Conn. will become the New England regional headquarters for M&T.

Under the terms of the agreement, People’s United shareholders will receive 0.118 of a share of M&T common stock for each People’s United share they own. Following completion of the transaction, former People’s United shareholders will collectively own approximately 28% of the combined company. The implied total transaction value based on closing prices on Feb. 19 is approximately $7.6 billion.

“In People’s United, we have found a partner with an equally long history of serving and supporting customers, businesses, and communities,” said René Jones, chairman and CEO of M&T, who will lead the combined company in the same capacity. “Combining our common legacies and our complementary footprints will strengthen our ability to serve our communities and customers, and provide solutions that make a difference in people’s lives. I am incredibly excited about this opportunity and look forward to welcoming new customers and team members to our M&T family.”

Jack Barnes, chairman and CEO of People’s United, added that “M&T is a like-minded partner that shares our culture of supporting communities by focusing on building meaningful relationships and providing personalized products, services, and local market expertise to customers, while building on our legacy of excellence in service. The merger extends our reach by providing customers access to a larger banking network and an expanded array of services. I am confident our shared community-banking philosophies will provide significant long-term value for our shareholders, employees, and loyal customers.”

The merger has been unanimously approved by the boards of directors of each company. The merger is expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the shareholders of each company.

Country Bank Welcomes Seth Arvanites to Commercial Lending Division

By
Daily News

WARE — Country Bank announced that Seth Arvanites has joined its Commercial Lending division. Arvanites, who has been in the commercial-lending industry for 22 years, came to Country Bank from People’s United Bank and earned a bachelor’s degree in both political science and geography from Syracuse University.

“The best part of this role is getting to meet, learn about, and serve the people and businesses in the community,” he said. “The great people I’ve worked with over the years instilled in me the value of kindness, responsiveness, flexibility, and teamwork. I’m excited for the opportunity, and I look forward to getting to know my clients and teammates.”

Miriam Siegel, first senior vice president, Human Resources, added that “we are excited to welcome Seth to the Commercial Banking team at Country Bank. Seth’s commitment to a high level of customer service is evident, and we are excited for him to begin working as a partner with our business customers to enhance their businesses and the communities they serve. Seth’s trusted approach to commercial banking aligns with the bank’s iSTEP corporate values of integrity, service, teamwork, excellence, and prosperity, and we are pleased that he has chosen Country Bank to be his employer of choice.”

WNEU Center for Social Justice Receives HNE Mini-grant to Address Racism

By
Daily News

SPRINGFIELD — The Western New England University (WNEU) School of Law’s Center for Social Justice was awarded a $6,000 DEIB (Diversity, Equity, Inclusion, and Belonging) mini-grant from Health New England (HNE). The grant provides funding to local nonprofit organizations that are actively addressing racial health equity and disparities, and at least one of the CDC’s social determinants of health (SDOH).

“As a mission-driven, not-for-profit health plan, Health New England seeks to improve the health and lives of all people in our communities,” said Susan Silver O’Connor, vice president and general counsel for Health New England. “With this grant, Health New England deepens its commitment to addressing racial inequality and health disparities in Springfield and beyond through our partnership with the Center for Social Justice. Health New England supports the critical work of the center in dismantling structural inequality to improve health outcomes and increase health equity through education and dialogue.”

SDOH are conditions in the places where people live, learn, work, and play that affect a wide range of health risks and outcomes; these include healthcare access and quality, education access and quality, social and community context, economic stability, and neighborhood and built environment.

“We are deeply grateful to Health New England for their support of this critical initiative and look forward to working with them as a partner in addressing the pervasive issue of racism as a social determinant of health in our community,” said Ariel Clemmer, director of the Center for Social Justice.

The grant seeks to dismantle systemic racism in two ways. Clemmer explained that the project will “first educate the WNE University community about the connection between racism and health disparities and the structural barriers to equity that exist across society, and then will work to facilitate racial healing and relationship building between and among our institution and the local community through healing-circle conversations.”

Since its launch in 2019, the Center for Social Justice has been a key stakeholder in the pursuit of social justice in its community and beyond. In the last year, the center has sponsored or hosted more than a dozen events, including various know-your-rights trainings and programming, panel discussions addressing the racial disparities of COVID-19, and lawyering in the time of Black Lives Matter, as well as speakers like Evan Wolfson, who is considered an architect of the marriage-equality movement. Its work is entirely grant-funded from supporters like HNE and MassMutual, as well as individual donors.

Community Foundation Supports LifePath’s Work with Food Insecurity, Mental Health

By
Daily News

GREENFIELD — LifePath received $40,000 from the Community Foundation of Western Massachusetts (CFWM). The grant, from the CFWM COVID-19 Response Fund for the Pioneer Valley, will offer continuing support to LifePath in its response to the COVID-19 crisis and in its role assisting residents of the Pioneer Valley with food insecurity and mental-health issues.

This is in addition to the $121,000 CFWM granted to LifePath in 2020 to provide pandemic relief and budget stabilization. Those monies were used at the beginning of the pandemic to help LifePath move quickly to adapt its programs, such as in-home assistance, meal delivery, and social support, to meet the changing needs of its consumers in the safest way possible. As the pandemic continued, LifePath utilized the funds to quickly purchase and distribute personal protective equipment (PPE) to home health aides and personal-care attendants who spend hours inside the homes of consumers, as well as to distribute PPE to the 1,700 consumers themselves.

The funds from CFWM also enabled LifePath to begin contacting consumers to gauge their interest in receiving meals through a special program. This funding allowed LifePath to provide frozen meals to more than 200 consumers under age 60 who did not qualify for LifePath’s Meals on Wheels program. These consumers were going without proper nutrition due to the loss of some of their workers or loss of access to the grocery store due to COVID-19.

In addition, CFWM funds were used to cover the costs of critically needed technology, groceries, personal-care items, and to support LifePath’s operating budget.

“Working with the Community Foundation of Western Massachusetts has been a positive and meaningful experience as we’ve navigated and addressed the COVID crisis and related inequalities primarily created by age, geography, and health status,” said Barbara Bodzin, LifePath’s executive director. “I have a profound appreciation for CFWM’s efforts to put resources in the hands of those making the biggest difference in our communities. It’s not lost on us that there are hundreds of worthy nonprofit organizations in the Pioneer Valley. For LifePath to be viewed as one carrying out a mission that matches the goals of CFWM’s donors, we feel valued.

“The pandemic has put those we serve at higher risk for isolation, malnutrition, and reduced access to supports, making a vulnerable population even more so,” she added. “Funding received through the Community Foundation of Western Massachusetts allows LifePath consumers to live a better life than they might without the support CFWM so generously helps us to provide.”

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