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Related Company:  Both Holding Companies Receive Shareholder Approval for Merger Vermont Business Magazine M&T Bank Corporation (NYSE: MTB), based in Buffalo, and People s United Financial, Inc (NASDAQ: PBCT), based in Bridgewater, CT, jointly announced today that, at their respective special meetings of shareholders yesterday, they each received the necessary shareholder approvals for the consummation of the merger of People s United into M&T. Based on stock prices when the deal was announced in February 2021, the all-stock acquisition is valued at approximately $7.6 billion. People s acquired Burlington-based Chittenden Corp in 2008 for $1.8 billion. People s United Bank has branches across Vermont. People s shares closed at $18.33 Tuesday or near their 52-week high (52 Week Range, $9.74 - $19.62). M&T s shares closed at $157.27 or on the upper end of it s one-year range ($88.48 - $168.27).

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