Add-on Acquisition • Financial Services

M&T Bank Acquires People s United Bank

On February 22, 2021, M&T Bank acquired financial services company People s United Bank for 7.6B USD

Acquisition Context

This is M&T Bank’s 13th transaction in the Financial Services sector.
This is M&T Bank’s largest (disclosed) transaction.
This is M&T Bank’s 15th transaction in the United States.
This is M&T Bank’s 1st transaction in Connecticut.

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M&A Deal Summary
Date	February 22, 2021
Target	People s United Bank
Sector	Financial Services
Buyer(s)	M&T Bank
Deal Type	Add-on Acquisition
Deal Value	7.6B USD
Advisor(s)	Keefe, Bruyette & Woods J.P. Morgan Securities (Financial) Simpson Thacher & Bartlett (Legal)

Target Company

People s United Bank

Bridgeport, Connecticut, United States

People's United Bank is a diversified financial services company with $33 billion in assets. People’s United Bank is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine. People's United Bank was founded in 1842 and is based in Bridgeport, Connecticut.

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Buyer Overview 1

Buyer

M&T Bank

Buffalo, New York, United States

Category	Company
Founded	1856
Sector	Financial Services
Employees	22,291
Revenue	9.2B USD (2024)

DESCRIPTION

M&T Bank is a financial holding company. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank. M&T Bank was founded in 1856 and is based in Buffalo, New York.

Deal Context for Buyer	#
Overall	15 of 16
Sector: Financial Services	13 of 13
Type: Add-on Acquisition	10 of 10
State: Connecticut	1 of 1
Country: United States	15 of 16
Year: 2021	1 of 1
Size (of disclosed)	1 of 6

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2017-06-01	Mccue Peabody, Massachusetts, United States Mccue is specializes in the distribution of products such as safety barriers, floor railings and bumpers, for use in warehouses and high footfall environments spanning sectors such as grocery and ecommerce. Mccue was founded in 1988 and is based in Peabody, Massachusetts.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2017-06-01

Mccue

Peabody, Massachusetts, United States

Mccue is specializes in the distribution of products such as safety barriers, floor railings and bumpers, for use in warehouses and high footfall environments spanning sectors such as grocery and ecommerce. Mccue was founded in 1988 and is based in Peabody, Massachusetts.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-09-14	Mccue Peabody, Massachusetts, United States Mccue is specializes in the distribution of products such as safety barriers, floor railings and bumpers, for use in warehouses and high footfall environments spanning sectors such as grocery and ecommerce. Mccue was founded in 1988 and is based in Peabody, Massachusetts.	Sell	-