BUFFALO,
N.Y., Sept. 29, 2022 /PRNewswire/ -- M&T
Bank Corporation ("M&T Bank") announced today that it has
signed a definitive agreement to sell M&T Insurance Agency,
Inc. ("MTIA") to Arthur J. Gallagher
& Co. ("Gallagher").
The transaction is subject to regulatory approval and is
expected to close during the fourth quarter of this year. Terms of
the sale were not disclosed.
Founded in 1955, MTIA is a retail insurance agency offering an
array of property and casualty products, customized group benefits,
and surety solutions in the Northeast and Mid-Atlantic. Current
leadership and direct employees of MTIA are expected to join
Gallagher. MTIA will continue to serve the entire M&T Bank
footprint, while leveraging the resources of Gallagher's global
broking and insurance services operations.
"When we started to discuss the possibility of this transaction
with Gallagher, it became immediately clear that this was the
optimal company for both our customers and our employees," said
Jennifer Warren, Senior Executive
Vice President and Head of M&T's Institutional Client Services
business. "Our goal was to create a seamless transaction with a
world-class company that stresses excellence in everything they do.
We found that with Gallagher."
Gallagher (NYSE: AJG), a global insurance brokerage, risk
management, and consulting services firm, is headquartered in
Rolling Meadows, Illinois. It
provides services in approximately 130 countries around the world
through its owned operations and a network of correspondent brokers
and consultants.
Piper Sandler & Co. is acting
as exclusive financial advisor and Hodgson Russ LLP is acting as
legal counsel to M&T Bank.
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 (bklock@mtb.com)
716-842-5138
Media:
Patrick
Fitzgibbons (pfitzgibbons@mtb.com)
212-350-2083
© 2022 M&T Bank. Member
FDIC
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SOURCE M&T Bank Corporation