March 04, 2022

Federal Reserve Board announces approval of application by M&T Bank Corporation

For release at 4:30 p.m. EST

The Federal Reserve Board on Friday announced its approval of the application by M&T Bank Corporation, Buffalo, New York, to acquire People's United Financial, Inc. and indirectly acquire People's United Bank, National Association, both of Bridgeport, Connecticut.

The Board also approved the application by Manufacturers and Traders Trust Company, Buffalo, New York, to merge with People's United Bank, National Association and to establish and operate branches at the locations of the main office and branches of People's United Bank, National Association.

To incorporate the effects of this material acquisition into the firm's capital requirements, the Board will use the 2023 stress test to recalculate M&T's stress capital buffer, which is part of a firm's capital requirements. M&T is normally on a two-year stress test cycle and will receive a new stress capital buffer this year. However, because this year's test will not include the effects of the acquisition, the additional 2023 recalculation is being required.

Attached is the Board's order relating to the approval of the applications.

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Last Update: March 04, 2022