More than a year after announcing plans to acquire Connecticut-based People’s United Bank, the CEO of Buffalo-based M&T Bank remains committed to the merger and to maintaining a presence at People’s United’s Connecticut headquarters.

In a lengthy annual letter to shareholders, M&T Bank’s CEO René Jones said the bank believes the communities served by both institutions will benefit from the merger, pointing to similarities between the banks as key to the rationale behind the deal.

“M&T, like People’s United, is fundamentally a bank for communities, whose relationships with businesses and borrowers relies not solely on faceless algorithms but on local knowledge,” Jones said. “Our approach to credit underwriting, wealth management, and corporate philanthropy are all built on knowing and assisting the places we serve, from Buffalo to Baltimore, just as People’s United employees understand Bridgeport, Boston, and Burlington.”

The merger still needs federal regulatory approval more than a year after it was announced on Feb. 22, 2021. The New York State Department of Financial Services and the Connecticut Department of Banking approved the merger in October. The banks recently extended their merger agreement.

Since last February’s announcement, more than 50 senior leaders at M&T have met every week to continue the integration efforts, Jones said. He added that tasks such as mapping products from one bank to another, documenting critical processes, and completing a comprehensive risk assessment have been completed.

“Our M&T colleagues have also endured the strains and stresses that come with shifting dates; however, they successfully navigated these challenges and have positioned the bank to ensure a smooth transition for customers and employees,” Jones said.

He also acknowledged the uncertainty People’s United employees have faced regarding their own situations at the bank and the wait for regulatory approval.

“We have been deeply impressed by and appreciative of the efforts of our new colleagues,” Jones said. “We’ve quickly realized that they bring their own depth of experience in working through acquisitions, thanks to their own history. What’s more, their professionalism and perseverance has shown through as they have labored to prepare for our merger, even as they have operated under a cloud of uncertainty, both as to regulatory approval and the situation of each individual employee. It has not been an easy year for them. We are indebted to their tireless efforts.”

In noting the bank’s commitment to Bridgeport, Connecticut, where M&T will establish a regional New England headquarters, Jones pointed out that past acquisitions of Allfirst Financial Inc. and Wilmington Trust Corp. resulted in regional headquarters in Baltimore and Wilmington.

After M&T initially announced around 750 layoffs in Connecticut related to the merger, Jones committed to having 1,000 employees based in Bridgeport in 2023.

Jones in his letter also said that M&T would focus on areas of growth, like Boston, as well as markets experiencing slower growth that could be helped in part by banking opportunities.

“The markets our combined bank will share include some that are among the most dynamic in the country, certainly including the cutting-edge Boston bio-tech hub,” Jones said. “But, as we have done in Buffalo, we anticipate providing the capital and acumen that help new businesses find their footing and then take off, as well as to serve lower-income and disadvantaged communities whose potential has been, for too long, underserved.”