M&T Bank named Peter D’Arcy head of commercial banking after completing its acquisition of People’s United Financial earlier this month.
D’Arcy will take over from Gino Martocci, who is retiring, the Buffalo, New York-based lender announced in an emailed statement Tuesday. The transition will take place July 1. D’Arcy already oversees the bank’s commercial real estate, capital markets and institutional banking businesses and supervises activities in New York City, Long Island and on the West Coast.
The move comes after the acquisition of People’s United, which M&T says makes it the 11th-largest U.S. commercial bank by assets. D’Arcy said in an interview that he’ll work to ensure the firm continues to embody its “community banking at scale” vision by empowering regional decision makers.
“A lot of business lines get managed centrally and vertically” at other lenders as they get larger, sacrificing the independence and versatility of their bankers in the process, D’Arcy said. “We’re really at a place where that focus on having as much density and cross-business functionality being prioritized as opposed to centrally managed is getting to be a different type of challenge for us.”
