People's United Financial Declares Cash Dividend on Preferred Stock

Rhea-AI Summary

People's United Financial has declared a quarterly cash dividend of $0.3515625 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. This dividend, which is conditional upon the merger with M&T Bank Corporation, will be payable on March 15, 2022, to shareholders recorded by March 1, 2022. The company, with approximately $65 billion in total assets, operates nearly 400 retail locations across regions including Connecticut, New York, Massachusetts, and others.

Positive

• Quarterly cash dividend of $0.3515625 per share announced.
• Dividend payout enhances shareholder income.
• Company's total assets are approximately $65 billion, indicating financial stability.

Negative

• Dividend payment is conditional upon the merger not occurring prior to March 1, 2022.

BRIDGEPORT, Conn., Jan. 20, 2022 /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 March 1, 2022. The dividend is payable on March 15, 2022, to shareholders of record at the close of business on March 1, 2022.

People's United Financial, Inc., a diversified, community-focused financial services company with approximately $65 billion in total assets, offers commercial and retail banking through a network of nearly 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 announced by People's United Financial?

The announced dividend amount is $0.3515625 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on March 15, 2022.

What is the record date for the dividend distribution?

The record date for the dividend is March 1, 2022.

Is the dividend payment guaranteed?

The dividend payment is conditional upon the merger with M&T Bank Corporation not occurring before March 1, 2022.