“Borrowers will have more solutions” when the merger of M&T Bank and People’s United is complete in October, People’s United’s market manager of healthcare financial services Matthew Huber recently told the National Investment Center for Seniors Housing & Care. Until then, the banks are operating as two separate entities.
M&T Bank will become the surviving entity when the merger is complete. The combined company will include about $200 billion in assets, and a network of nearly 1,100 branches spanning 12 states from Maine to Virginia, Huber told NIC Chief Economist Beth Mace. People’s United is about half the size of M&T.
“M&T has a big presence in the seniors housing space and has a long-term commitment to the industry. So, I think the merger will be really good for the seniors housing and care borrowers at People’s,” Huber said. “Borrowers will have more solutions.”
Until the merger is completed, it is business as usual at the bank, according to Huber. He said People’s United closed on a refinance loan for Masonicare at Mystic, a life plan community in Connecticut, and will provide construction financing for a new project by RSF Partners in New York State. Additionally, People’s is refinancing a Benchmark Senior Living property in New England.
“We’re sticking close to our credit policy in terms of price and structure. Given the pandemic, we’re still winning business because of our relationships with our customers,” Huber said. “We’re proud of that.”
In practice, the banker said the way People’s United conducts business should remain unchanged.
“Given their size, we’ll have more room to grow and participate in larger seniors housing and care transactions,” he said. “Borrowers will be in good hands regardless of the name over the door.”
