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The bank's CEO made the pledge in a letter to five U.S. senators.
Consumers and former People's United employees are complaining about the process.
The fund will be financed by the M&T Bank Charitable Foundation.
The new initiative includes $23 billion in loans for home purchases, home equity and small businesses, and another $20 billion for community development initiatives and affordable housing.
People's United employees “will receive priority consideration and support for hybrid and remote work," M&T said.
Bridgeport-based People’s United has also surpassed Webster Financial Corp. for the most Connecticut deposits by an in-state lender. As of June 30, its $21.2 billion in Connecticut deposits topped Webster’s $19.3 billion.
Established in 1858 and headquartered in Hartford, United Bank is a full-service community financial services firm with $7.3 billion in assets.
"With the community bank model, especially with mutual savings banks, it’s such a win/win/win, for the bank, its customers, the community and the employees," Weinstein says. "I feel very fortunate to have more or less fallen into this industry."
For the year ended Dec. 31, 2017, operating earnings totaled $345.8 million – the highest in the bank’s 175-year history.
Net income was $73.7 million, compared to $68.4 million for the third quarter of 2015 and $68.5 million for the second quarter of 2016.
Gerstein Fisher's founder/CIO, Gregg S. Fisher, will join People's United as head of quantitative research and portfolio strategy.