NewHavenBIZ

18 n e w h a v e n B I Z | J a n u a r y 2 0 2 3 | n e w h a v e n b i z . c o m 5 T O W A T C H By Norman Bell L ast spring, when Frank Micalizzi agreed to serve as M&T Bank's Bridgeport regional pres- ident, he knew there would be some bumps in the road integrating the newly acquired People's United Bank. He got more than bumps; he got a Dickensi- an year. It was the best of times: e newly expanded bank with its roots and headquarters 400 miles west in Buffalo, had added about 1 million customers across the New England footprint of People's United. at growth spurt pushed M&T to No. 519 on Forbes list of the nation's largest corporations and gave considerable he to the bank's claim that its size could benefit clients. With a fresh start in a new market, the opportunities seem limitless. It was the worst of times: It didn't take long for M&T to take a PR hit over its announced plans to lay off about 750 workers. en came the September conversion of People's United accounts to M&T accounts. Soware problems blocked some account holders from accessing funds. And M&T again found itself with a black eye in the PR arena. It wasn't the opening act M&T wanted, Micalizzi acknowledges. And cleanup continues with a promise to waive late fees and cover costs incurred by inconve- nienced clients. But better days are coming in 2023, he promises. Aer early CT stumble, Micalizzi says M&T Bank poised for growth in 2023 Micalizzi, who joined M&T in 2009 aer 25 years at JPMorgan Chase, points to M&T's century-and- a-half history as a "customer-centric" bank and its record of being close to the communities it serves. "Measure us on how we show up in the communi- ty," he suggests. And that starts with jobs. M&T has promised to employ 1,000 people at its Bridgeport regional center by Labor Day 2023, and it's well on the way, Micalizzi says. Of the threatened 747 layoffs, less than half have come to pass and the bank is holding job fairs to accelerate filling almost as many vacancies. e dislo- cation is a matter of altering the mix of jobs and geog- raphies rather than an economic cutback, he says. M&T, which had $24.8 billion in deposits and 169 branches in the state as of June 30, has a long history of high-profile community sponsorships — from the stadium that's home to the NFL's Baltimore Ravens to a program for women entrepreneurs at the University of New York at Buffalo. In Connecticut, M&T is continuing all of the sponsorships it inherited from People's United, and on Dec. 2 hung its name on the sports complex at Quinnipiac University. e bank has pledged $25 million to support non- profits in the next three years across its New England footprint. e first wave of "Amplify Fund" grants totaling $6 million went to 44 Connecticut nonprofits in October. Also, bank employees are being encouraged to vol- unteer in the community with the first 40 hours paid. Building trust M&T is already No. 2 in the state — and No. 6 na- tionally — for Small Business Administration lending. Micalizzi seems intent on seizing the Connecticut lead. And the outreach to small business has some inno- vative approaches. In August, M&T debuted its Spotlight Shop pro- gram, offering local small businesses an opportunity to market their products from a pop-up space in Bridge- port's popular Captain's Cove Seaport. M&T also partnered with the University of Bridge- port's Innovation Center on a seven-week program designed to help multicultural business owners access guidance and deepen skills to expand and strengthen their business. At the end of the program, M&T pro- vided grants of up to $6,000 to the best business plans. "It's all part of building trust," Micalizzi says. "We're here for the long haul." He and his team are embarking on a series of listen- and-learn sessions across the region to better under- stand what additional services are needed. One place he says M&T can help clients is with the expanded wealth management programs it brings to the market. In 2023, the bold green M&T signs will continue to spread across the landscape. e bank plans an ag- gressive marketing campaign featuring billboards and media advertising. e distinctive branding also marks 152 branches and 243 ATMs in the region. M&T has also reversed course on its predecessor's plan to close outposts inside Stop & Shop grocery stores. Aer weighing each site on its merits, 27 of the 56 will remain open. M&T is being tight-lipped about the number of accounts it has in Connecticut but year-end numbers will become public early in 2023. It is expected M&T will then be the 12th or 13th largest bank in the country. n F r a n k M i c a l i z z i Bridgeport Regional President & Head of Commercial Banking for CT M&T Bank Education: Davis and Elkins College, West Virginia Age: 66 PHOTO | GARY LEWIS

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