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M&T Bank Corporation (MTB) has received regulatory approval from New York and Connecticut for its merger with People's United Bank (PBCT). The merger, which had shareholder approval as of May 25, 2021, is expected to create a diversified banking franchise, enhancing product offerings and expanding customer access. The completion of the merger is still subject to customary closing conditions, including Federal Reserve approval. The merger aims to strengthen both banks' community-focused services.
People's United Financial declared a quarterly cash dividend of $0.3515625 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This payment is contingent upon the merger with M&T Bank Corporation not closing before December 1, 2021. The dividend is set to be paid on December 15, 2021, to shareholders recorded by the end of business on December 1, 2021. With over $63 billion in assets, People's United serves its customers primarily in the Northeast region of the U.S.
People's United Financial, Inc. (NASDAQ: PBCT) reported a net income of $139.7 million for Q3 2021, translating to $0.32 per share, down from $170.8 million in Q2 2021. Key metrics include a decrease in net interest income to $370.3 million and a net interest margin of 2.64%. Operating earnings were $141.1 million, a decline linked to a $42 million increase in credit loss provisions. The company plans to finalize a merger with M&T Bank, expected to enhance customer access and service offerings while maintaining strong capital ratios.
People's United Financial, Inc. (NASDAQ: PBCT) is set to announce its third quarter earnings on October 21, 2021, at 4 p.m. EDT. The financial results will be made available on the company's investor relations website. People's United Bank has over $63 billion in assets and operates more than 400 retail locations across six northeastern states, providing commercial and retail banking as well as wealth management solutions.
M&T Bank Corporation (NYSE: MTB) and People's United Financial, Inc. (NASDAQ: PBCT) have provided an update on their pending merger aimed at creating a diversified community-focused banking franchise. A Worker Adjustment and Retraining Notification (WARN) was issued, indicating significant job reductions, primarily affecting Connecticut and Vermont in 2022. Despite this, M&T plans to retain nearly 80% of People's United employees, especially customer-facing staff. The merger has been approved by both boards and shareholders, awaiting customary regulatory approvals.
People's United Financial, Inc. (NASDAQ: PBCT) announced a quarterly cash dividend of $0.3515625 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. The dividend is set to be paid on September 15, 2021, to shareholders on record as of September 1, 2021. With over $63 billion in total assets, People's United offers a variety of financial services across six states in New England, reflecting its commitment to community-focused banking.
People's United Financial (PBCT) reported a net income of $170.8 million for Q2 2021, up from $89.9 million a year ago. The operating earnings rose to $176.1 million, reflecting a 12.5% increase from Q1 2021. Net interest income was $380.9 million, with a margin of 2.70%. The efficiency ratio worsened to 57.4%. The company declared a quarterly dividend of $0.1825, yielding 4.4%. Additionally, it announced strong support for its merger with M&T, indicating investor confidence.
People's United Financial, Inc. (NASDAQ: PBCT) has declared a quarterly cash dividend of $0.3515625 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This dividend is set to be paid on June 15, 2021, to shareholders on record as of June 1, 2021. The company, which boasts total assets exceeding $64 billion, operates over 400 retail locations across six states, providing community-focused financial services, including banking and wealth management.
People's United Financial (NASDAQ: PBCT) reported a strong first quarter of 2021, achieving net income of $144.5 million, or $0.33 per share, compared to a loss of $145.3 million in the previous quarter. Operating earnings rose to $156.5 million, reflecting a 6% increase. The net interest income was $385.9 million, while non-interest income dropped to $94.6 million, largely due to a previous gain on the sale of a subsidiary. The company announced an increase in its common stock dividend to $0.73 per share, yielding 4.1%. The merger with M&T Bank is also highlighted as a pivotal future opportunity.
M&T Bank Corporation (NYSE: MTB) announced its acquisition of People's United Financial, Inc. (NASDAQ: PBCT) in an all-stock deal valued at approximately $7.6 billion. This merger will create a community-focused banking entity with about $200 billion in assets, over 1,100 branches, and 2,000 ATMs across 12 states. People's United shareholders will own roughly 28% of the combined company. The merger is expected to close in Q4 2021, pending regulatory and shareholder approvals.
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