- M&T Bank Names Matthew Orrino Managing Director and Head of Institutional Commercial Real Estate Capital Markets
Aug 1, 2022
Orrino Brings Extensive Experience in Real Estate Capital Markets and Securitized Products to New Role within M&T Investment Banking
NEW YORK, Aug. 1, 2022 /PRNewswire/ -- M&T Bank (NYSE: MTB) ("M&T") announced that Matthew T. Orrino has been named a Managing Director and head of Institutional Commercial Real Estate (CRE) Capital Markets at M&T Investment Banking. Hired by the Corporate & Investment Bank ("CIB"), Orrino will be focused on expanding M&T Bank's Institutional CRE Capital Markets solutions for its new and existing customer base and will be located in New York City. Matthew T. Orrino, Managing Director and Head of Institutional Commercial Real Estate Capital Markets, M&T Bank
M&T recently completed its acquisition of People's United Financial, Inc. (NASDAQ: PBCT) ("People's United"). The combined company employs more than 22,000 people and spans 12 states from Maine to Virginia and Washington D.C. The acquisition accelerates M&T's growth trajectory and strengthens the company's financial profile for continued success. M&T will build on People's United's complementary footprint to reach a broad range of customers and expand into new regions.
"It's an exciting time for the industry, and for M&T, as we expand our CRE footprint into new markets," said Orrino. "M&T has earned a best-in-class reputation with its deep roots in commercial real estate and loyal customer base. I look forward to building on that foundation and bringing my experience in capital markets to our institutional clients."
With operations across the United States, M&T Bank delivers a fully integrated offering of investment banking products, including real estate capital markets, loan capital markets, corporate securities underwriting and institutional loan sales and trading.
Bringing 20 years of transactional experience across diversified financial service organizations with him, Orrino will concentrate on commercial real estate debt capital markets within the Investment Bank and report to Hugh Giorgio, Managing Director and head of Debt Capital Markets for M&T Investment Banking.
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"Matt is the inaugural hire for our institutional real estate capital markets platform. He will serve as the cornerstone for which we expect significant growth, and we couldn't be more excited to welcome him to the team," said Giorgio. "He brings many years of building strong relationships in the industry and a long track record of success."
Prior to joining M&T, Orrino was a Senior Vice President and head of Capital Markets at CoreVest American Finance. Orrino brings extensive experience in real estate capital markets and securitized products. He previously held various roles at both Wells Fargo Securities and Morgan Stanley.
About M&T M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
For more information on M&T Bank, visit www.mtb.com. People's United customers can visit www.mtb.com/peoples for more information on the conversion to M&T Bank.
Forward-Looking Statements. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement, including statements that are based on current expectations, estimates and projections about the Company's business, management's beliefs, and assumptions made by management, including regarding the People's United acquisition. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "continue," or "potential," by verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual actions and outcomes may differ, perhaps materially, from what is expressed or forecasted in such statements. M&T provides further detail regarding risks that could affect the outcome of forward-looking statements in its public filings, including the "risk factors" described in M&T's Form 10-K for the year ended December 31, 2021. Forward-looking statements speak only as of the date made, and M&T does not assume any duty, and does not undertake, to update forward-looking statements.
Media Contact:
David Samberg
(201) 368-4515
dsamberg@mtb.com
Equal Housing Lender. © 2022 M&T Bank. Member FDIC. NMLS# 381076. M&T Bank Corporation Cision
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SOURCE M&T Bank
- M&T Bank Names Matthew Orrino Managing Director and Head of Institutional Commercial Real Estate Capital Markets
Aug 1, 2022 · prnewswire.com
Orrino Brings Extensive Experience in Real Estate Capital Markets and Securitized Products to New Role within M&T Investment Banking NEW YORK , Aug. 1, 2022 /PRNewswire/ -- M&T Bank (NYSE: MTB) ("M&T") announced that Matthew T. Orrino has been named a Managing Director and head of Institutional Commercial Real Estate (CRE) Capital Markets at M&T Investment Banking.
- M&T BANK NAMES MATTHEW ORRINO MANAGING DIRECTOR AND HEAD OF INSTITUTIONAL COMMERCIAL REAL ESTATE CAPITAL MARKETS
Aug 1, 2022
ORRINO BRINGS EXTENSIVE EXPERIENCE IN REAL ESTATE CAPITAL MARKETS AND SECURITIZED PRODUCTS TO NEW ROLE WITHIN M&T INVESTMENT BANKING NEW YORK , AUG. 1, 2022 /PRNEWSWIRE/ -- M&T BANK (NYSE: MTB) ("M&T") ANNOUNCED THAT MATTHEW T. ORRINO HAS BEEN NAMED A MANAGING DIRECTOR AND HEAD OF INSTITUTIONAL COMMERCIAL REAL ESTATE (CRE) CAPITAL MARKETS AT M&T INVESTMENT BANKING.
- Rockland Trust shares top spot in New England customer survey
Apr 11, 2022
J.D. Power's annual customer satisfaction survey showed high marks for Rockland Trust but continued below-average ratings for Bank of America.
- 6 Cheap Dividend Stocks Worth Buying Before They Raise Their Dividends
Apr 7, 2022 · investorplace.com
These 6 dividend stocks are due to hike their dividends in the next month or so, which could push their stocks higher. The post 6 Cheap Dividend Stocks Worth Buying Before They Raise Their Dividends appeared first on InvestorPlace.
- 6 Cheap Dividend Stocks Worth Buying Before They Raise Their Dividends
Apr 7, 2022
These 6 dividend stocks are due to hike their dividends in the next month or so, which could push their stocks higher.
- M&T Bank (MTB) Acquires People's United Financial for $8.3B
Apr 4, 2022
M&T Bank Corporation MTB recently announced that it has completed the acquisition of People's United Financial, Inc. for $8.3 billion.
Systems conversion is expected to take place in third-quarter 2022. Until then, customers of People's United can continue using its current branches, websites, mobile applications, financial advisors and relationship managers.
The merger was originally expected to close in the fourth quarter of 2021. However, in mid-February, the companies extended their merger agreement's closure due to the pending Federal Reserve nod, which it finally received on Mar 4, 2022.
The acquisition of People’s United is a strategic fit for M&T Bank since it increases the latter’s footprints in 12 U.S. states, helping it reach out to more customers and expand into new regions. The combined company has created a $200-billion banking franchise, serving clients in the attractive banking markets of the Northeast and Mid-Atlantic regions, from Maine to Virginia and Washington, D.C. This will offer M&T Bank additional growth prospects and strengthen the company's financials in the near future.
Post the acquisition, M&T Bank has more than 22,000 employees, 1,000 branches and around 2,200 automated teller machines. People's United's headquarters in Bridgeport, CT, is converted to M&T Bank's New England regional headquarters.
According to a recent investor update provided by M&T Bank, the acquisition of People’s United is expected to accelerate MTB’s earnings per share. However, earnings accretion is expected to be lower than the previously announced 10-12%, considering the improvement in the standalone financials of MTB.
Nonetheless, annual tangible capital generation is expected to be more than $650 million, higher than the $600 million expected during deal announcement. Cost savings of $330 million are still expected with full run rate in early 2023. Further, the all-stock deal is not expected to affect the capital level of M&T Bank.
M&T Bank is growing organically as well. The company’s rising fee income, loans and deposits will likely drive its revenues. It also expects to resume its share repurchase plan in the second quarter of 2022. Such capital deployment activities and inorganic growth moves, backed by its sound liquidity position, bodes well for the company.
Over the past year, shares of MTB have gained 7.5% against 2.3% decline of the industry it belongs to.
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M&T Bank currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Inorganic Moves by Other Companies
First Horizon Corporation FHN has signed a definitive agreement with The Toronto-Dominion Bank TD, per which it will acquire the former in an all-cash deal valued at $13.4 billion or $25 for each FHN common share.
Toronto-Dominion anticipates the FHN acquisition to close by Nov 1, 2022. The buyout is subject to customary closing conditions, including approvals from First Horizon's shareholders, and the U.S. and Canadian regulatory authorities.
Randolph Bancorp, Inc. RNDB, the holding company for Envision Bank, entered into an agreement to be acquired by Hometown Financial Group, Inc. Hometown Financial is the multi-bank holding company for bankESB, bankHometown and Abington Bank.
Randolph’s acquisition is expected to help Hometown Financial expand its market presence in eastern Massachusetts. Following the deal closure, Hometown Financial will have consolidated assets worth $4.4 billion and a branch network of 38 full-service offices across Massachusetts and northeastern Connecticut.
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- M&T Bank (MTB) Acquires People's United Financial for $8.3B
Apr 4, 2022 · zacks.com
M&T Bank (MTB) completes the acquisition of People's United Financial in an all-stock deal for $8.3 billion to deepen its footprint in the United States.
- M&T Bank Corporation Completes Acquisition of People's United Financial, Inc.
Apr 2, 2022
Combined company creates a $200 billion banking franchise serving communities in the Northeast and Mid-Atlantic from Maine to Virginia and Washington, D.C.
Systems conversion expected to take place in the third quarter of 2022
BUFFALO, N.Y., April 2, 2022 /PRNewswire/ -- M&T Bank Corporation (NYSE: MTB) ("M&T") announced today the successful completion of M&T's acquisition of People's United Financial, Inc. (NASDAQ: PBCT) ("People's United") valued at $8.3 billion. The combined company employs more than 22,000 people and has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. People's United common stock no longer trades on the NASDAQ after Friday, April 1, 2022.
"Today marks an important day in M&T's history as we welcome People's United to our family," said René Jones, chairman and chief executive officer of M&T, who will lead the combined company in the same capacity. "People's United is a strong strategic and cultural fit and I am truly excited about the positive impact our combined company will have in the communities we serve. Together, we have the capabilities and scale of a regional bank with the engagement model of a community-based organization to help us better serve new and existing customers, businesses and communities."
The acquisition accelerates M&T's growth trajectory and strengthens the company's financial profile for continued success. M&T will build on People's United's complementary footprint to reach a broad range of customers and expand into new regions. The franchise will operate across some of the most populated and attractive banking markets in the U.S. As part of this effort, People's United's headquarters in Bridgeport, Connecticut, is now M&T's New England regional headquarters.
The combined company will continue to focus on delivering superior customer service and strong engagement in the communities it serves. Clients of People's United will continue to be served through its current branches, websites, mobile apps, financial advisors and relationship managers until its brand and systems are fully converted to M&T's, which is expected to occur in the third quarter of 2022. However, customers from both M&T and People's United can now use any M&T Bank or People's United Bank ATM to withdraw cash.
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As part of the merger, M&T Bank previously announced a five-year community growth plan – developed in collaboration with the National Community Reinvestment Coalition (NCRC) and local community organizations – that will provide loans, investments and other financial support for low-to-moderate income (LMI) families and neighborhoods across the combined M&T and People's United footprint.
Both M&T and People's United have been long recognized for their community commitments and support of civic organizations. Over the past decade, M&T and its charitable foundation have contributed over $279 million to more than 7,600 nonprofits. Since their inceptions, People's United Community Foundation and People's United Community Foundation of Eastern Massachusetts have collectively granted over $47 million to thousands of nonprofits within the geographic area they serve.
About M&T Bank Corporation
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com
M&T Contacts
Investors:
Brian Klock
716-842-5138
Media:
Maya Dillon
646-735-1958
David Samberg
551-235-3406
Cautionary Note Regarding Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations, estimates and projections about M&T's business, beliefs of M&T's management and assumptions made by M&T's management. Any statement that does not describe historical or current facts is a forward-looking statement, including statements regarding the expected effects of the transactions and M&T's expected financial results, prospects, targets, goals and outlook. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("Future Factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.
In addition, the following factors, among others, related to the transaction between M&T and People's United, could cause actual outcomes and results to differ materially from forward-looking statements or historical performance: the outcome of any legal proceedings that may be instituted against M&T; the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where M&T does business; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the transaction; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; and other factors that may affect future results of M&T; the business, economic and political conditions in the markets in which M&T operates; the risk that the combination could have an adverse effect on M&T's ability to retain customers and retain or hire key personnel and maintain relationships with customers; the risk that the combination may be more difficult or time-consuming than anticipated, including in areas such as sales force, cost containment, asset realization, systems integration and other key strategies; revenues following the combination may be lower than expected, including for possible reasons such as unexpected costs, charges or expenses resulting from the transactions; the risk that M&T's five-year community growth plan may not achieve the results or outcome originally expected or anticipated as a result of performance of the U.S. economy or changes to the laws and regulations affecting the beneficiaries of such plan; the unforeseen risks relating to liabilities of M&T or People's United that may exist; and uncertainty as to the extent of the duration, scope, and impacts of the COVID-19 pandemic on M&T.
These are representative of the Future Factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T or its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other Future Factors.
M&T provides further detail regarding these risks and uncertainties in its latest Form 10-K, including in the Risk Factors section of such report, as well as in subsequent SEC filings. Forward-looking statements speak only as of the date made, and M&T does not assume any duty and does not undertake to update forward-looking statements. M&T Bank Corporation Cision
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SOURCE M&T Bank Corporation
- M&T Bank Corporation Completes Acquisition of People's United Financial, Inc.
Apr 2, 2022 · prnewswire.com
Combined company creates a $200 billion banking franchise serving communities in the Northeast and Mid-Atlantic from Maine to Virginia and Washington, D.C. Systems conversion expected to take place in the third quarter of 2022 BUFFALO, N.Y.
