M&T Bank in Buffalo, N.Y., has created a $25 million philanthropic fund tied to its recent acquisition of People’s United Financial in Bridgeport, Conn.
The $63 billion-asset M&T, which completed the purchase in April, said in a press release that the Amplify Fund will support People’s United communities in New England and New York.
Amplify is a one-time supplemental charitable program that will be deployed over three years to benefit low- and moderate-income communities and underrepresented populations.
“Investing in communities by understanding their specific needs and issues is the hallmark of our approach as a community-focused bank,” Mike Keegan, M&T’s head of community banking, said in the release.
“Input from local leaders and community organizations will continue to be key to our success, as we bring our collective influence and resources together to make a meaningful difference in people’s lives,” Keegan added.
The fund, which builds off M&T’s $43 billion community growth plan, will focus on community development and innovation. Regional bank representatives will continue to meet with local leaders to determine the fund’s strategic direction.
M&T plans to initially deploy $9 million to $11 million this year, with the remaining deployment taking place in 2023 and 2024.