People's United Financial Declares Cash Dividend on Preferred Stock

Rhea-AI Summary

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.

Positive

• Declaration of a $0.3515625 dividend, indicating financial strength.
• Support for shareholders pending a successful merger.

Negative

• Dividend payment is contingent on merger timing, introducing uncertainty.
• -

BRIDGEPORT, Conn., Oct. 21, 2021 /PRNewswire/ -- People's United Financial, Inc. (NASDAQ: PBCT) today announced that its Board of Directors declared a quarterly cash dividend of $0.3515625 per share on the Company's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, subject to and conditioned upon the effective time of the merger between the Company and M&T Bank Corporation not occurring prior to the close of business on December 1, 2021. The dividend is payable on December 15, 2021 to shareholders of record at the close of business on December 1, 2021.

People's United Financial, Inc., a diversified, community-focused financial services company with over $63 billion in total assets, offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.

Access Information About People's United Financial at www.peoples.com.

 

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SOURCE People's United Financial, Inc.

FAQ

What is the dividend amount declared by People's United Financial?

People's United Financial declared a cash dividend of $0.3515625 per share.

When is the dividend payment date for People's United Financial?

The dividend is payable on December 15, 2021.

What is the condition for the dividend payment by People's United Financial?

The payment is conditioned upon the completion of the merger with M&T Bank Corporation not occurring before December 1, 2021.

Who is eligible for the dividend from People's United Financial?

Shareholders of record at the close of business on December 1, 2021, are eligible for the dividend.