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PBCT Stock Overview. People's United Financial, Inc. operates as the bank holding company for People's United Bank, National Association that provides. However, if you did buy $1,000 worth of shares at the IPO price of $18 a share M&T Bank Corp is closing in on an acquisition deal to buy People's United. PRNewswire/ -- People's United Financial, Inc. (NASDAQ: PBCT) today announced that its Board of Directors declared a quarterly cash dividend.

Peoples united bank stock -

Chicago, IL 60606

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The Spokesman-Review Newspaper The Spokesman-Review

M&T Bank (NYSE: MTB) turned in disappointing second-quarter results in July. Its struggles have recently depressed the stock, meaning this could be a good time for interested investors to buy.

Consumer lending is seeing more momentum these days than commercial lending, and M&T is mainly a commercial lender. Its credit quality has deteriorated lately, too – its nonaccrual loans, those that have gone 90 days without receiving a payment, climbed 15% year over year in the second quarter.

But M&T Bank is growing noninterest-bearing deposits nicely, so it’s paying no interest on roughly 43% of total deposits. Also promising is M&T’s upcoming acquisition of Connecticut-based bank People’s United.

Its addition will significantly enlarge M&T and its tangible book value, of TBV. Banks trade based on TBV, so a growing TBV typically helps the stock. The deal is also expected to boost M&T’s earnings per share by 10% to 12% in 2023.

It should open up new revenue opportunities as well; People’s United has many small business commercial customers to whom M&T can cross-sell products and services. Meanwhile, People’s United brings a solid equipment financing business that it can expand to M&T customers.

While M&T Bank may face some short-term pain, this is an opportunity to buy a long-standing, strong-performing bank stock at a historically low price-to-tangible-book-value ratio – with a dividend recently yielding around 3.2%.

Ask the FoolQ: What does it mean if a company goes public via a direct listing? – B.N., Madison, Indiana

A: Think of a traditional IPO – the initial public offering by which most companies “go public,” issuing new shares to trade on the public markets for the first time.

The process typically involves companies hiring investment banks as underwriters to manage the process – including determining an appropriate valuation for the company and stock price. For that, underwriters have often received as much as 7% of the gross IPO proceeds.

With a direct listing, companies bypass underwriting intermediaries and sell existing shares (such as those owned by employees) to the public, saving money.

Q: What’s so bad about buying a stock at, say, $30 instead of $20, if you’re sure it’s heading to $60 in 10 years? – C.D., Walnut Creek, California

A: It’s all in the math. Imagine Holy Karaoke Inc. (ticker: HYMNS) is trading at $30, and you expect it to reach $60 in a decade. That would be a 100% gain in 10 years, equal to an average annual gain of about 7.2%.

But if you bought it at $20 and it hit $60 in 10 years, that would be a tripling – a gain of 200% (around 11.6% per year, annualized).

Considering that the overall stock market has gained around 10% annually over long periods, you can see that an annual gain of 7% is less attractive than an 11% one.

Still, there’s a case to be made that getting into a terrific stock at $30 instead of $20 is OK – especially if you hope to hold it for many years. In general, though, the price you pay for a stock matters.

My dumbest investmentMy dumbest investment was selling my shares of Microsoft for around $40 apiece in 2014. (I had purchased them in 2008 for around $30 each.)

I learned it’s better to hold on to a great business, unless the underlying fundamentals of the business have changed. – D.B., online

The Fool responds: It’s an extremely common error to sell shares of a terrific business prematurely – and many people do so after achieving a reasonable gain, like you did.

Your $30-to-$40 journey with the stock got you a 33% gain, but as you know, had you hung on, you’d have done much better.

After you sold your shares at around $40, the stock kept increasing in value, albeit not in a straight line.

Shares were recently trading for around $300 apiece. So had you hung on, you’d have a 900% gain on your hands. Over the 13 years since you bought them, they’d have grown at an average annual rate of about 19%.

The story is the same for many long-term great performers: Many people sold after a 20% or 50% or even a 100% or 300% gain, only to miss out on gains of 1,000% or 10,000% – or even more!

The more you learn about your holdings, the stronger your convictions about them are likely to be, which can help you hang on as long as their futures seem promising.

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Источник: https://www.spokesman.com/stories/2021/sep/19/motley-fool-mt-banks-struggles-could-make-it-attra/

M&T Bank buying People’s United in $7.6B all-stock deal

M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.

Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.

People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28% of the combined business.

The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.

M&T had been active in acquisitions, but People’s United would be the first major deal in almost six years.

People’s headquarters in Bridgeport, Connecticut will serve as the New England regional headquarters for M&T.

The deal, expected to close in the fourth quarter, still needs a sign-off from shareholders of both companies.

Shares of People’s United rose 8.4% before the market open Monday.

Источник: https://apnews.com/article/maine-f6149ce945fdd8d7b5cec913a830c8a2

People's United Financial

American banking company

Map of People's United branches as of March 2013.

People's United Financial, Inc. is an American bank holding company that owns People's United Bank.[1] The bank operates 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire.[1] It is the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.[2]

History[edit]

The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut.[3] In 1981, the bank became the first in the country to provide a telephone bill paying service. After acquiring People's Bank of Vermont in 1983, the company was renamed People's Bank.[4][5] It has since acquired several other banks in New England to become the second largest in the region.

In 1985, the company began issuing credit cards,[4] but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million.[6][7][8] The company moved to a new headquarters building designed by Richard Meier in 1989.[4]

On June 7, 2007, the bank changed its name to People's United Bank.[3][4]

In February 2008, a data storage company, Archive America, lost backup tapes in transit containing the "names, birthdays, Social Security numbers and other information" of customers of the bank and of The Bank of New York Mellon.[9] On November 22, 2010, the bank opened its first location in Boston.[10]

People's United was notably selected to manage the core bank accounts for the commonwealth of Massachusetts in November 2016,[11] and was also selected to manage the core bank accounts for the state of Vermont in August 2017.[12]

On February 22, 2021, M&T Bank, based in Buffalo, New York, announced an agreement to acquire People's United Bank in an all-stock transaction valuing at approximately $7.6 billion.[13]

Acquisition history[edit]

From its founding as Bridgeport Savings Bank to the present, People's United has acquired several banks and other financial institutions in New England including:

In 1955, the company acquired Southport Savings Bank.[4] In 1981, the company acquired the assets of First Stamford Bank and Trust Company.[4][5] In 1982, the company acquired Guardian Federal Savings and Loan Association of Bridgeport.[4][5]

In 1986, the company acquired First Federal Savings Bank.[4][5] In 1991, the company acquired the deposits of Hartford-based Landmark Bank.[4] In 1998, the company acquired Norwich Financial Corporation for $164 million in cash.[14][15]

On January 1, 2008, the bank acquired Chittenden Corporation for $1.9 billion.[16][17] Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Bank, Flagship Bank, and Bank of Western Massachusetts.[18]

In February 2010, the company acquired Financial Federal Corporation, an equipment financing company.[19] In April 2010, the company acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation.[20][21][22] In December 2010, the company acquired LSB Corporation and Smithtown Bancorp.[23] In July 2011, the company acquired Danvers Bancorp.[24]

In 2012, the company acquired 57 branches in the greater New York metro area from Royal Bank of Scotland, including 53 branches in Stop & Shop supermarkets.[25] In October 2015, the company's insurance agency subsidiary acquired Kesten-Brown Insurance.[26]

In April 2017, the company acquired Suffolk Bancorp and in July, it acquired LEAF Commercial Capital.[27][28] In June 2018, People's United Bank agreed to purchase Farmington Bank in a deal valued at $544 million.[29]

Headquarters[edit]

Main article: Bridgeport Center

People's United Financial's headquarters was built in 1989, designed by architect Richard Meier. Rising 18 stories above the northern side of I-95, the People's Bank Building (known officially as Bridgeport Center) is the tallest building in downtown Bridgeport.

References[edit]

  1. ^ abc"People's United Financial, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^"Largest Banks in the United States 2017". www.relbanks.com. Retrieved 2017-12-25.
  3. ^ ab"People's United cedes its S&L charter". Hartford Business Journal. February 10, 2015.
  4. ^ abcdefghi"People's Bank Changes Name to People's United Bank to Accommodate Growth Plans" (Press release). PRNewswire. June 7, 2007.
  5. ^ abcd"Bank Mergers and Acquisitions – 1980 to 1989". Connecticut Department of Banking.
  6. ^"People's Bank Will Sell Its Credit Card Business". The New York Times. Reuters. February 4, 2004.
  7. ^Higgins, Steve (February 4, 2004). "People's sells credit card division". New Haven Register.
  8. ^"RBS to Acquire Credit Card Business of People's Bank of Connecticut"(PDF) (Press release). Royal Bank of Scotland. February 3, 2004.
  9. ^Fonseca, Brian (May 30, 2008). "Bank loses tapes with data on 4.5M clients". International Data Group.
  10. ^Fitzgerald, Jay (November 20, 2010). "People's United bank opening up in Boston". The Boston Herald.
  11. ^"Treasurer Deborah Goldberg Announces New Banking Services Contract" (Press release). Treasurer of Massachusetts. November 10, 2016. Retrieved February 22, 2018.
  12. ^"People's United Bank is Selected to Manage Core Banking Services for the State of Vermont" (Press release). People's United Financial. August 15, 2017 – via PRNewswire.
  13. ^McCaffrey, Orla. "M&T Bank to Buy People's United for $7.6 billion".
  14. ^Gosselin, Kenneth R. (September 5, 1997). "People's To Buy Parent Firm Of Norwich Savings". Hartford Courant.
  15. ^"Connecticut Banks Agree To Merge $164 Million Deal". The New York Times. Dow Jones & Company. September 5, 1997.
  16. ^"People's United Financial, Inc. to Acquire Chittenden Corporation" (Press release). Peoples United Bank. June 27, 2007 – via Business Wire.
  17. ^"Chittenden: People's United Financial to acquire Chittenden for $1.9 bln". Reuters. June 27, 2007.
  18. ^Sanders, Bob (July 1, 2010). "Ocean Bank to take People's name". New Hampshire Business Review.
  19. ^Stynes, Tess (November 24, 2009). "People's United to Acquire Financial Federal". The Wall Street Journal.
  20. ^"People's United Bank, Bridgeport, Connecticut, Assumes All of the Deposits of Butler Bank, Lowell, Massachusetts" (Press release). Federal Deposit Insurance Corporation. April 16, 2010.
  21. ^Gosselin, Kenneth R. (April 16, 2010). "People's Bank To Acquire Butler, A Failed Massachusetts Bank". Hartford Courant.
  22. ^Carter, Angela (April 17, 2010). "People's United Bank acquires Butler Bank". New Haven Register.
  23. ^"People's United Financial, Inc. Completes Acquisitions of LSB Corporation and Smithtown Bancorp, Inc" (Press release). PRNewswire. December 1, 2010.
  24. ^"People's United Financial, Inc. Completes Acquisition of Danvers Bancorp, Inc" (Press release). People's United Financial. July 1, 2011 – via PRNewswire.
  25. ^"People's United Completes Purchase of Citizens Bank Branches In New York". Hartford Courant. June 25, 2012.
  26. ^"People's United Insurance Agency Announces Acquisition Of Connecticut-Based Kesten-Brown Insurance" (Press release). People's United Financial. October 15, 2015 – via PRNewswire.
  27. ^"People's United Financial, Inc. Completes Acquisition of Suffolk Bancorp" (Press release). People's United Financial. April 3, 2017 – via PRNewswire.
  28. ^"People's United Bank Completes Acquisition of LEAF Commercial Capital, Inc" (Press release). People's United Financial. July 31, 2017 – via PRNewswire.
  29. ^Gosselin, Kenneth R. "People's United CEO Says $544M Purchase Of Farmington Bank Signifies Confidence In Connecticut".

External links[edit]

Источник: https://en.wikipedia.org/wiki/People%27s_United_Financial

People's United Bank

$17.00

$0.00(0.00%)As of 1:00 AM UTC after-hours

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About PBCT

People's United Financial, Inc. is a bank and financial holding company, which engages in the commercial banking, retail and business banking, and wealth management services to individual, corporate, and municipal customers. It operates through the Commercial Banking and Retail Banking segments.

Headquarters

Bridgeport, Connecticut

Price-Earnings ratio

11.09

PBCT Earnings

Q1 FY20

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Q1 FY21

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Q4 FY21

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Источник: https://robinhood.com/stocks/PBCT

M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.

Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.

People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28 percent of the combined business. The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.

M&T had been active in acquisitions, but People’s United would be the first major deal in almost six years.

As the second largest retail bank based in New England after Citizens Bank, People’s United has long been considered an attractive acquisition target for big banks looking to grow their presence in this region. People’s United became a major regional player with its acquisition of Vermont-based Chittenden Corp. about 13 years ago. That deal brought People’s a number of branches in central and western Massachusetts. Later, People’s expanded into the Boston area, most notably with the acquisition of Belmont Savings Bank in 2019. M&T said it will make Bridgeport, Conn., the current home base for People’s United, its New England headquarters after its deal with People’s United is completed.

The deal, expected to close in the fourth quarter, still needs a sign-off from shareholders of both companies.

Jon Chesto of the Globe staff contributed to this report.

Источник: https://www.bostonglobe.com/2021/02/22/business/mt-bank-buying-peoples-united-76-billion-all-stock-deal/
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WEST SPRINGIFELD — People’s United Financial, the parent company for People’s United Bank of Bridgeport, Connecticut, will buy United Financial Bancorp, the holding company for United Bank, for $759 million.

The banks announced the deal Monday. The purchase is subject to customary closing conditions, including regulatory approvals and the approval of United Financial Bancorp, Inc. shareholders.

“We are excited to welcome United Bank to People’s United,” Jack Barnes, chairman and CEO of People’s United Financial, said in a news release. “With the fourth largest deposit market share in the combined Hartford and Springfield market, a complementary array of commercial and retail capabilities and a shared legacy of community giving, United will solidify our presence in the Central Connecticut market and strengthen our franchise in Western Massachusetts.”

United Bank, once known as United Co-Operative Bank and once headquartered in West Springfield, merged in 2014 with the former Rockville Bank in Connecticut. The resulting bank took the United name but moved its headquarters to Connecticut.

People’s United Financial entered the Springfield market in 2008 when it bought The Bank of Western Massachusetts through a $1.9 billion acquisition of Chittenden Corp., The Bank of Western Massachusetts’ former parent company.

Last year, People's United Bank bought Farmington Bank in an all-stock transaction valued at $544 million.

Founded in 1842, People’s United Bank has more than 400 locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.

United Bank has more than 55 branch locations throughout Connecticut and Massachusetts.

The news release makes no mention of closing branches. But in some instances, such as on Park Street in West Springfield, the two banks currently have branches very near each other.

In March, United Bank put its former headquarters building in West Springfield on the market for $3.35 million.

Holyoke-based PeoplesBank is not affiliated with People’s United Bank.

Источник: https://www.masslive.com/business/2019/07/peoples-united-bank-buys-united-bank-for-759-million.html

People's United Financial

American banking company

Map of People's United branches as of March 2013.

People's United Financial, Inc. is an American bank holding company that owns People's United Bank.[1] The bank operates 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire.[1] It is the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.[2]

History[edit]

The company was founded in 1842 as Bridgeport Savings Bank in Bridgeport, Connecticut.[3] In 1981, the bank became the first in the country to provide a telephone bill paying service. After acquiring People's Bank of Vermont in 1983, the company was renamed People's Bank.[4][5] It has since acquired several other banks in New England to become the second largest in the region.

In 1985, the company began issuing credit cards,[4] but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million.[6][7][8] The company moved to a new headquarters building designed by Richard Meier in 1989.[4]

On June 7, 2007, the bank changed its name to People's United Bank.[3][4]

In February 2008, a data storage company, Archive America, lost backup tapes in transit containing the "names, birthdays, Social Security numbers and other information" of customers of the bank and of The Bank of New York Mellon.[9] On November 22, 2010, the bank opened its first location in Boston.[10]

People's United was notably selected to manage the core bank accounts for the commonwealth of Massachusetts in November 2016,[11] and was also selected to manage the core bank accounts for the state of Vermont in August 2017.[12]

On February 22, 2021, M&T Bank, based in Buffalo, New York, announced an agreement to acquire People's United Bank in an all-stock transaction valuing at approximately $7.6 billion.[13]

Acquisition history[edit]

From its founding as Bridgeport Savings Bank to the present, People's United has acquired several banks and other financial institutions in New England including:

In 1955, the company acquired Southport Savings Bank.[4] In 1981, the company acquired the assets of First Stamford Bank and Trust Company.[4][5] In 1982, the company acquired Guardian Federal Savings and Loan Association of Bridgeport.[4][5]

In 1986, the company acquired First Federal Savings Bank.[4][5] In 1991, the company acquired the deposits of Hartford-based Landmark Bank.[4] In 1998, the company acquired Norwich Financial Corporation for $164 million in cash.[14][15]

On January 1, 2008, the bank acquired Chittenden Corporation for $1.9 billion.[16][17] Also in 2008, the bank acquired Ocean Bank of New Hampshire, Maine Bank & Trust, Merrill Bank, Flagship Bank, and Bank of Western Massachusetts.[18]

In February 2010, the company acquired Financial Federal Corporation, an equipment financing company.[19] In April 2010, the company acquired Butler Bank, which was seized by the Federal Deposit Insurance Corporation.[20][21][22] In December 2010, the company acquired LSB Corporation and Smithtown Bancorp.[23] In July 2011, the company acquired Danvers Bancorp.[24]

In 2012, the company acquired 57 branches in the greater New York metro area from Royal Bank of Scotland, including 53 branches in Stop & Shop supermarkets.[25] In October 2015, the company's insurance agency subsidiary acquired Kesten-Brown Insurance.[26]

In April 2017, the company acquired Suffolk Bancorp and in July, it acquired LEAF Commercial Capital.[27][28] In June 2018, People's United Bank agreed to purchase Farmington Bank in a deal valued at $544 million.[29]

Headquarters[edit]

Main article: Bridgeport Center

People's United Financial's headquarters was built in 1989, designed by architect Richard Meier. Rising 18 stories above the northern side of I-95, the People's Bank Building (known officially as Bridgeport Center) is the tallest building in downtown Bridgeport.

References[edit]

  1. ^ abc"People's United Financial, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^"Largest Banks in the United States 2017". www.relbanks.com. Retrieved 2017-12-25.
  3. ^ ab"People's United cedes its S&L charter". Hartford Business Journal. February 10, 2015.
  4. ^ abcdefghi"People's Bank Changes Name to People's United Bank to Accommodate Growth Plans" (Press release). PRNewswire. June 7, 2007.
  5. ^ abcd"Bank Mergers and Acquisitions – 1980 to 1989". Connecticut Department of Banking.
  6. ^"People's Bank Will Sell Its Credit Card Business". The New York Times. Reuters. February 4, 2004.
  7. ^Higgins, Steve (February 4, 2004). "People's sells credit card division". New Haven Register.
  8. ^"RBS to Acquire Credit Card Business of People's Bank of Connecticut"(PDF) (Press release). Royal Bank of Scotland. February 3, 2004.
  9. ^Fonseca, Brian (May 30, 2008). "Bank loses tapes with data on 4.5M clients". International Data Group.
  10. ^Fitzgerald, Jay (November 20, 2010). "People's United bank opening up in Boston". The Boston Herald.
  11. ^"Treasurer Deborah Goldberg Announces New Banking Services Contract" (Press release). Treasurer of Massachusetts. November 10, 2016. Retrieved February 22, 2018.
  12. ^"People's United Bank is Selected to Manage Core Banking Services for the State of Vermont" (Press release). People's United Financial. August 15, 2017 – via PRNewswire.
  13. ^McCaffrey, Orla. "M&T Bank to Buy People's United for $7.6 billion".
  14. ^Gosselin, Kenneth R. (September 5, 1997). "People's To Buy Parent Firm Of Norwich Savings". Hartford Courant.
  15. ^"Connecticut Banks Agree To Merge $164 Million Deal". The New York Times. Dow Jones & Company. September 5, 1997.
  16. ^"People's United Financial, Inc. to Acquire Chittenden Corporation" (Press release). Peoples United Bank. June 27, 2007 – via Business Wire.
  17. ^"Chittenden: People's United Financial to acquire Chittenden for $1.9 bln". Reuters. June 27, 2007.
  18. ^Sanders, Bob (July 1, 2010). "Ocean Bank to take People's name". New Hampshire Business Review.
  19. ^Stynes, Tess (November 24, 2009). "People's United to Acquire Financial Federal". The Wall Street Journal.
  20. ^"People's United Bank, Bridgeport, Connecticut, Assumes All of the Deposits of Butler Bank, Lowell, Massachusetts" (Press release). Federal Deposit Insurance Corporation. April 16, 2010.
  21. ^Gosselin, Kenneth R. (April 16, 2010). "People's Bank To Acquire Butler, A Failed Massachusetts Bank". Hartford Courant.
  22. ^Carter, Angela (April 17, 2010). "People's United Bank acquires Butler Bank". New Haven Register.
  23. ^"People's United Financial, Inc. Completes Acquisitions of LSB Corporation and Smithtown Bancorp, Inc" (Press release). PRNewswire. December 1, 2010.
  24. ^"People's United Financial, Inc. Completes Acquisition of Danvers Bancorp, Inc" (Press release). People's United Financial. July 1, 2011 – via PRNewswire.
  25. ^"People's United Completes Purchase of Citizens Bank Branches In New York". Hartford Courant. June 25, 2012.
  26. ^"People's United Insurance Agency Announces Acquisition Of Connecticut-Based Kesten-Brown Insurance" (Press release). People's United Financial. October 15, 2015 – via PRNewswire.
  27. ^"People's United Financial, Inc. Completes Acquisition of Suffolk Bancorp" (Press release). People's United Financial. April 3, 2017 – via PRNewswire.
  28. ^"People's United Bank Completes Acquisition of LEAF Commercial Capital, Inc" (Press release). People's United Financial. July 31, 2017 – via PRNewswire.
  29. ^Gosselin, Kenneth R. "People's United CEO Says $544M Purchase Of Farmington Bank Signifies Confidence In Connecticut".

External links[edit]

Источник: https://en.wikipedia.org/wiki/People%27s_United_Financial

The Spokesman-Review Newspaper The Spokesman-Review

M&T Bank (NYSE: MTB) turned in disappointing second-quarter results in July. Its struggles have recently depressed the stock, meaning this could be a good time for interested investors to buy.

Consumer lending is seeing more momentum these days than commercial lending, and M&T is mainly a commercial lender. Its credit quality has deteriorated lately, too – its nonaccrual loans, those that have gone 90 days without receiving a payment, climbed 15% year over year in the second quarter.

But M&T Bank is growing noninterest-bearing deposits nicely, so it’s paying no interest on roughly 43% of total deposits. Also promising is M&T’s upcoming acquisition of Connecticut-based bank People’s United.

Its addition will significantly enlarge M&T and its tangible book value, of TBV. Banks trade based on TBV, so a growing TBV typically helps the stock. The deal is also expected to boost M&T’s earnings per share by 10% to 12% in 2023.

It should open up new revenue opportunities as well; People’s United has many small business commercial customers to whom M&T can cross-sell products and services. Meanwhile, People’s United brings a solid equipment financing business that it can expand to M&T customers.

While M&T Bank may face some short-term pain, this is an opportunity to buy a long-standing, strong-performing bank stock at a historically low price-to-tangible-book-value ratio – with a dividend recently yielding around 3.2%.

Ask the FoolQ: What does it mean if a company goes public via a direct listing? – B.N., Madison, Indiana

A: Think of a traditional IPO – the initial public offering by which most companies “go public,” issuing new shares to trade on the public markets for the first time.

The process typically involves companies hiring investment banks as underwriters to manage the process – including determining an appropriate valuation for the company and stock price. For that, underwriters have often received as much as 7% of the gross IPO proceeds.

With a direct listing, companies bypass underwriting intermediaries and sell existing shares (such as those owned by employees) to the public, saving money.

Q: What’s so bad about buying a stock at, say, $30 instead of $20, if you’re sure it’s heading to $60 in 10 years? – C.D., Walnut Creek, California

A: It’s all in the math. Imagine Holy Karaoke Inc. (ticker: HYMNS) is trading at $30, and you expect it to reach $60 in a decade. That would be a 100% gain in 10 years, equal to an average annual gain of about 7.2%.

But if you bought it at $20 and it hit $60 in 10 years, that would be a tripling – a gain of 200% (around 11.6% per year, annualized).

Considering that the overall stock market has gained around 10% annually over long periods, you can see that an annual gain of 7% is less attractive than an 11% one.

Still, there’s a case to be made that getting into a terrific stock at $30 instead of $20 is OK – especially if you hope to hold it for many years. In general, though, the price you pay for a stock matters.

My dumbest investmentMy dumbest investment was selling my shares of Microsoft for around $40 apiece in 2014. (I had purchased them in 2008 for around $30 each.)

I learned it’s better to hold on to a great business, unless the underlying fundamentals of the business have changed. – D.B., online

The Fool responds: It’s an extremely common error to sell shares of a terrific business prematurely – and many people do so after achieving a reasonable gain, like you did.

Your $30-to-$40 journey with the stock got you a 33% gain, but as you know, had you hung on, you’d have done much better.

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Shares were recently trading for around $300 apiece. So had you hung on, you’d have a 900% gain on your hands. Over the 13 years since you bought them, they’d have grown at an average annual rate of about 19%.

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Источник: https://www.spokesman.com/stories/2021/sep/19/motley-fool-mt-banks-struggles-could-make-it-attra/

People's United Bank

$17.00

$0.00(0.00%)As of 1:00 AM UTC after-hours

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About PBCT

People's United Financial, Inc. is a bank and financial holding company, which engages in the commercial banking, retail and business banking, and wealth management services to individual, corporate, and municipal customers. It operates through the Commercial Banking and Retail Banking segments.

Headquarters

Bridgeport, Connecticut

Price-Earnings ratio

11.09

PBCT Earnings

Q1 FY20

Q2 FY20

Q3 FY20

Q4 FY20

Q1 FY21

Q2 FY21

Q3 FY21

Q4 FY21

Actual

Expected Jan 20, After Hours

All investments involve risks, including the loss of principal. Securities trading offered through Robinhood Financial LLC, a registered broker-dealer and Member SIPC. Full disclosure

Источник: https://robinhood.com/stocks/PBCT

M&T Bank buying People’s United in $7.6B all-stock deal

M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.

Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.

People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28% of the combined business.

The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.

M&T had been active in acquisitions, but People’s United would be the first major deal in almost six years.

People’s headquarters in Bridgeport, Connecticut will serve as the New England regional headquarters for M&T.

The deal, expected to close in the fourth quarter, still needs a sign-off from shareholders of both companies.

Shares of People’s United rose 8.4% before the market open Monday.

Источник: https://apnews.com/article/maine-f6149ce945fdd8d7b5cec913a830c8a2

United Bank

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Источник: https://www.accessunited.com/

M&T Bank Corp. is buying People’s United Financial Inc. in an all-stock deal valued at about $7.6 billion.

Branches of the two regional banks are sprinkled throughout the Northeast and mid-Atlantic.

People’s United shareholders will receive 0.118 of a share of M&T common stock for each share they own. People’s United shareholders will collectively own approximately 28 percent of the combined business. The combined company will have approximately $200 billion in assets and a network of more than 1,100 branches and more than 2,000 ATMs in 12 states from Maine to Virginia and the District of Columbia.

M&T had been active in acquisitions, but People’s United would be the first major deal in almost six years.

As the second largest retail bank based in New England after Citizens Bank, People’s United has long been considered an attractive acquisition target for big banks looking to grow their presence in this region. People’s United became a major regional player with its acquisition of Vermont-based Chittenden Corp. about 13 years ago. That deal brought People’s a number of branches in central and western Massachusetts. Later, People’s expanded into the Boston area, most notably with the acquisition of Belmont Savings Bank in 2019. M&T said it will make Bridgeport, Conn., the current home base for People’s United, its New England headquarters after its deal with People’s United is completed.

The deal, expected to close in the fourth quarter, still needs a sign-off from shareholders of both companies.

Jon Chesto of the Globe staff contributed to this report.

Источник: https://www.bostonglobe.com/2021/02/22/business/mt-bank-buying-peoples-united-76-billion-all-stock-deal/

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