Page 17 - BusinessWest March 17, 2021
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 businesses, and communities,” said “The merger extends our reach by from the Federal Reserve Bank of New
Jones, who will continue to lead the expanded company in his current roles. “Combining our common lega- cies and our complementary footprints will strengthen our ability to serve our communities and customers, and pro- vide solutions that make a difference in people’s lives. I am incredibly excited about this opportunity and look for- ward to welcoming new customers and team members to our M&T family.”
In the conference call, Jones rec- ognized the value of People’s United’s footprint and resources.
“In addition to new geography, we expanded the talent and capabilities in our organization as well as the product sets vailable to our combined custom- ers,” he noted, adding that the acquisi- tion will make M&T the 11th-largest commercial-bank holding company
in the U.S. by both assets and market capitalization.
In addition, “the combined geo- graphic footprint is concentrated, offering a distribution system across the Northeast and mid-Atlantic states that represents over 20% of the U.S. population and over 25% of GDP, and has attractive levels of household income.”
Indeed, the median household income in People’s United’s footprint is almost $87,000, well above the national median, according to the Wall Street Journal. M&T will also add People’s United’s national equipment-finance business and its mortgage warehouse lending business.
“The density allows us to leverage local market knowledge, our recently bolstered technology infrastructure, and our nationally recognized brand,” Jones added, noting that the two com- panies have a complementary top-tier deposit share in core markets with a top-three share in most of their respec- tive top-10 markets.
“And People’s United’s outside pro- portion of core operating accounts makes it among the most attractive franchises in New England,” he added. “In our view, this is the most impor- tant characteristic of a stable, well-run franchise.”
Cultural Considerations
Jack Barnes, chairman and CEO of People’s United, noted that the cultures of the two banks are a good fit.
“M&T is a like-minded partner
that shares our culture of supporting communities by focusing on building meaningful relationships and provid- ing personalized products, services, and local market expertise to custom- ers, while building on our legacy of excellence in service,” he said. “The merger extends our reach by provid- ing customers access to a larger bank- ing 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.”
M&T leaders note that both compa- nies have been long been recognized for their community commitments and support of civic organizations. Over the past decade, M&T, through The M&T Charitable Foundation, has donated
$263.7 million to more than 2,800 non- profit organizations across eight states and the District of Columbia. M&T Bank has been awarded the highest possible Community Reinvestment Act rating on every examination since 1982
providing customers access to a larger banking network and an expanded array of services.”
Meanwhile, People’s United Com-
munity Foundation and People’s United Community Foundation of Eastern Massachusetts have granted $40 million to nonprofits aligned with the foundations’ collective mission since their inception in 2007. Through the foundations, M&T will use $90 mil- lion to support charitable activities in the communities currently served by People’s United.
In the Greater Springfield area, People’s United Bank traces its roots to the Bank of Western Massachusetts, which opened in 1987 and grew it into
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