And so what were trying to show there is that what we think will actually happen in 2022 is
thats like the GAAP number of what those cost saves would will lead to in terms of accretion. If you had the full year of those cost saves, you would bump up to that higher number.
And then the math of timing in 2023 of having the full year and the growth in those, say basically, think of it as the fourth quarter run rate that
goes into 2023, thats kind of the progression there and what the numbers are.
Operator: We have have no further questions at this time. I will now
turn the program back over to Don for any additional or closing remarks.
Don MacLeod: Again, thank you all for participating today. And as always, if any
clarification of any of the items on the call or the news release is necessary, please contact our Investor Relations department at 716-842-5138. Thank you and goodbye.
Operator: This does conclude todays program. Thank you for your participation. You may disconnect at any time.
Additional Information and Where to Find It
In
connection with the proposed transaction, M&T Bank Corporation (M&T) will file with the Securities and Exchange Commission (SEC) a registration statement on Form S-4 to
register the shares of M&Ts capital stock to be issued in connection with the proposed transaction. The registration statement will include a joint proxy statement of M&T and Peoples United Financial, Inc. (Peoples
United), which will be sent to the shareholders of M&T and Peoples United seeking their approval of the proposed transaction.
This
presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS AND SHAREHOLDERS OF M&T AND PEOPLES UNITED AND THEIR RESPECTIVE AFFILIATES ARE URGED
TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND
ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT M&T, PEOPLES
UNITED AND THE PROPOSED TRANSACTION. Investors will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about
M&T and Peoples United, without charge, at the SECs website (http://www.sec.gov). Copies of the registration statement, including the joint proxy statement/prospectus, and the filings with the SEC that will be incorporated by
reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Investor Relations, M&T Bank Corporation, One M&T Plaza, Buffalo, New York 14203, telephone (716) 635-4000, or Steven Bodakowski, Peoples United Financial, Inc., 850 Main Street, Bridgeport, Connecticut 06604, telephone (203) 338-4202.
Participants in the Solicitation
M&T,
Peoples United and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding
M&Ts directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on March 9, 2020, and certain of its Current Reports on Form 8-K. Information
regarding Peoples Uniteds directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 6, 2020, and certain of its Current Reports on Form
8-K. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or
otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.