M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. It operates more than 800 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut.
|Traded as||NYSE: MTB
S&P 500 Index component
|Founded||August 30, 1856|
|Headquarters||One M&T Plaza
Buffalo, New York
|Robert G. Wilmers, Chairman & CEO
Darren J. King, CFO
|Revenue||$3.485 billion (2016)|
|$1.315 billion (2016)|
|Total assets||$123.449 billion (2016)|
|Total equity||$16.486 billion (2016)|
Number of employees
M&T Bank has been profitable in every quarter since 1976. Other than Northern Trust, M&T was the only bank in the S&P 500 stock market index not to lower its dividend during the financial crisis of 2007–2008.
The bank owns the original Buffalo Savings Bank building in downtown Buffalo. M&T Bank also sponsors M&T Bank Stadium, home of the Baltimore Ravens. M&T Bank is the official bank of the Buffalo Bills in Western New York and of their home Stadium New Era Field in Orchard Park, New York
Wilmington Trust is a subsidiary of M&T Bank Corporation, offering global corporate and institutional services, private banking, investment management, and fiduciary services.
M&T was founded in 1856 in Western New York state as "Manufacturers and Traders Trust Company"
From 1987 to 2009, M&T Bank acquired 20 companies.
In December 1987, M&T Bank acquired East New York Savings.
In January 1989, M&T Bank acquired Monroe Savings Bank of Rochester, New York.
In September 1990, M&T Bank acquired part of the Assets of Empire of America Savings bank in Buffalo, New York along with KeyBank and others.
In May 1991, M&T Bank acquired part of the Assets of Golddome Bank in Buffalo, New York along with KeyBank and others.
In July 1995, M&T acquired Chase Manhattan branches of Hudson Valley, New York.
In January 1997, M&T acquired Green Point Bank branches of Westchester, New York.
In June 1999, M&T acquired First National Bank of Rochester of Rochester, New York.
In 1998, M&T Bank acquired the assets of OnBank in Syracuse, New York.
In October 2000, M&T Bank acquired Keystone Financial of Central Pennsylvania.
In February 2001, M&T Bank acquired Premier Nation Bancorp.
In April 2003, M&T Bank acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks of Ireland, in exchange for 26.7 million shares of M&T and $886 million in cash. At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in 2010.
In December 2007, M&T completed the purchase of 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.
On August 28, 2009, the Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank, and sold all its deposits and most assets to M&T. M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.
On August 27, 2012, M&T announced its intention to purchase Hudson City Bancorp for $3.7 billion, including $25 billion in deposits and $28 billion in loans, plus 135 brick-and-mortar branch locations including 97 in New Jersey. The acquisition was delayed for 3 years due to a money laundering case involving an M&T branch and the acquisition closed on November 2, 2015.
In 2008, M&T received a $600 million investment by the United States Treasury as a result of the Troubled Asset Relief Program (TARP) and M&T assumed another $482 million in TARP obligations from its acquisitions. In 2011, the bank repaid $700 million of TARP funds.
In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 in drug proceeds that had been laundered through its Perry Hall, Maryland, branch. At least eight times from 2011 to 2013, Deanna Bailey, a drug dealer, went to the branch and had head teller Sabrina Fitts convert cash amounts from $20,000 to $100,000 into larger bills. Fitts accepted a 1% transaction fee in exchange for not filing a Currency Transaction Report. This violated the Bank Secrecy Act of 1970 which requires all transactions of more than $10,000 to be reported to the Internal Revenue Service.
M&T Bank's acquisition of Hudson City Bancorp was held up for more than three years by the Federal Reserve Board, which was unconvinced that the bank's anti-laundering controls were strong enough.
- "M&T Bank Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Fortune 500: M&T Bank". Fortune.
- Reynolds, Ben (March 3, 2017). "Buffett Stocks in Focus: M&T Bank". Yahoo!.
- Engren, John (February 20, 2012). "M&T Bank's Bob Wilmers is Too Sharp to Fail". Institutional Investor.
- "M&T BUYS CENTRAL TRUST, ENDICOTT BANK FAST-GROWING BUFFALO BANK PAYS $111 MILLION FOR TWO MIDLANTIC SUBSIDIARIES". The Buffalo News. February 23, 1992.
- "M&T Bank To Acquire 29 Chase Branches". American City Business Journals. June 4, 1999.
- "M&T Bank Corporation Consummates Acquisition of Allfirst Financial Inc" (Press release). PRNewswire. April 1, 2003.
- Patalon III, William (April 2, 2003). "Allfirst's sale to M&T Bank is completed". Baltimore Sun.
- "Allied Irish Selling $2.2 Billion Stake in M&T". The New York Times. October 6, 2010.
- Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post.
- "M&T Completes Partners Trust Acquisition" (Press release). PRNewswire. December 3, 2007.
- "M&T Bank Corporation Completes Acquisition of Provident Bankshares Corporation" (Press release). PRNewswire. May 26, 2009.
- "Failed Bank Information Information for Bradford Bank, Baltimore, MD". Federal Deposit Insurance Corporation.
- Haber, Gary; Sullivan, Joanna (August 31, 2009). "Feds seize Bradford Bank; M&T to buy assets". American City Business Journals.
- "M&T to acquire Delaware bank". American City Business Journals. November 1, 2010.
- "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". The New York Times. Aug 27, 2012.
- "M&T Bank Corporation Completes Acquisition of Hudson City Bancorp, Inc" (Press release). PRNewswire. November 2, 2015.
- Ensign, Rachel Louise (November 2, 2015). "M&T Bank Completes Acquisition of Hudson City After 3-Year Delay". The Wall Street Journal.(subscription required)
- EAVIS, PETER (April 9, 2012). "Despite Good Health, Bank Holds Tight to TARP Funds". The New York Times.
- "Baltimore Drug Dealer Sentenced In Money Laundering Scheme" (Press release). United States Department of Justice. February 24, 2014.
- Bodley, Michael (June 18, 2014). "M&T Bank ordered to forfeit $560,000 of laundered drug proceeds". The Baltimore Sun.
- Crittenden, Michael R. (June 18, 2013). "Fed Cites M&T for Anti-Money Laundering Problems". The Wall Street Journal.(subscription required)
- Kline, Allissa (June 18, 2014). "Drug money-laundering probe costs M&T $560K". American City Business Journals.