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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.

M&T Bank Corporation
Public company
Traded as NYSEMTB
S&P 500 Index component
Industry Financial services
Founded August 30, 1856; 161 years ago (1856-08-30)
Headquarters One M&T Plaza
Buffalo, New York, United States
Key people
René F. Jones
(Chairman and CEO)
Kevin J. Pearson
(Vice Chairman)
Richard S. Gold
(President and COO)
Products Retail banking
Commercial bank
Investment Banking
Investment Management
Private banking
Revenue Increase $5.721 billion (2016)[1]
Increase $1.315 billion (2016)[1]
Total assets Increase $123.449 billion (2016)[1]
Total equity Increase $16.486 billion (2016)[1]
Number of employees
16,973 (2016)[1]
Subsidiaries Wilmington Trust

M&T is ranked #455 on the Fortune 500[2]

M&T Bank has been profitable in every quarter since 1976.[3] 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.[4]

The bank owns the 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 footprint as of March 2016
M&T Center, Buffalo

M&T was founded in 1856 in Western New York state as "Manufacturers and Traders Trust Company". The company opened its first branch on August 29 of that year at 2 East Swan Street in Buffalo.[5]

In 1983, Robert G. Wilmers was named Chairman and CEO, a position he held until his death in December 2017.[5]

Between 1987 and 2009, M&T Bank acquired 20 financial institutions. These include:[6]

In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in stock.[20]

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.[21] 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.[22][23]

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.[24] In 2011, the bank repaid $700 million of TARP funds.[24]

In December 2017, Wilmers dies and non-Executive Chairman Robert T. Brady becomes acting Chairman and CEO.

Legal issuesEdit

Money launderingEdit

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.[25] 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.[26]

M&T Bank's acquisition of Hudson City Bancorp was delayed for more than three years by the Federal Reserve Board, which was unconvinced that the bank's anti-laundering controls were strong enough.[27][28]


  1. ^ a b c d e "M&T Bank Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 
  2. ^ "Fortune 500: M&T Bank". Fortune. 
  3. ^ Reynolds, Ben (March 3, 2017). "Buffett Stocks in Focus: M&T Bank". Yahoo! Finance. 
  4. ^ Engren, John (February 20, 2012). "M&T Bank's Bob Wilmers is Too Sharp to Fail". Institutional Investor. 
  5. ^ a b "Newsroom: History". M&T Bank. Retrieved February 7, 2018. 
  6. ^ "Investor Relations: Acquisitions". M&T Bank. Retrieved February 7, 2018. 
  7. ^ "M&T Buys Central Trust, Endicott Bank Fast-Growing Buffalo Bank Pays $111 Million for Two MidAtlantic Subsidiaries". The Buffalo News. February 23, 1992. Retrieved February 7, 2018. (Subscription required (help)). 
  8. ^ "M&T Bank To Acquire 29 Chase Branches". Buffalo Business First. June 4, 1999. 
  9. ^ "M&T Bank to Acquire Keystone Financial". Los Angeles Times. Bloomberg News. May 18, 2000. Retrieved February 7, 2018. 
  10. ^ "Company News: M & T Bank in Deal to Acquire Premier National Bancorp". The New York Times. Associated Press. July 11, 2000. Retrieved February 7, 2018. 
  11. ^ "M&T Bank Corporation Consummates Acquisition of Allfirst Financial Inc" (Press release). M&T Bank. April 1, 2003 – via PRNewswire. 
  12. ^ Patalon III, William (April 2, 2003). "Allfirst's sale to M&T Bank is completed". The Baltimore Sun. 
  13. ^ "Allied Irish Selling $2.2 Billion Stake in M&T". The New York Times. October 6, 2010. 
  14. ^ Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post. 
  15. ^ "M&T Completes Partners Trust Acquisition" (Press release). M&T Bank. December 3, 2007 – via PRNewswire. 
  16. ^ Adams, Thomas (September 25, 2007). "M&T buys First Horizon branches". Rochester Business Journal. Retrieved February 7, 2018. 
  17. ^ "M&T Bank Corporation Completes Acquisition of Provident Bankshares Corporation" (Press release). M&T Bank. May 26, 2009 – via PRNewswire. 
  18. ^ "Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford Bank, Baltimore, Maryland" (Press release). FDIC. August 28, 2009. 
  19. ^ Haber, Gary; Sullivan, Joanna (August 31, 2009). "Feds seize Bradford Bank; M&T to buy assets". Albany Business Review. Retrieved February 7, 2018. (Subscription required (help)). 
  20. ^ "M&T to acquire Delaware bank". Buffalo Business First. November 1, 2010. 
  21. ^ "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". The New York Times. August 27, 2012. 
  22. ^ "M&T Bank Corporation Completes Acquisition of Hudson City Bancorp, Inc" (Press release). M&T Bank. November 2, 2015 – via PRNewswire. 
  23. ^ Ensign, Rachel Louise (November 2, 2015). "M&T Bank Completes Acquisition of Hudson City After 3-Year Delay". The Wall Street Journal. (Subscription required (help)). 
  24. ^ a b Eavis, Peter (April 9, 2012). "Despite Good Health, Bank Holds Tight to TARP Funds". The New York Times. 
  25. ^ "Baltimore Drug Dealer Sentenced In Money Laundering Scheme" (Press release). United States Attorney for the District of Maryland. February 24, 2014. 
  26. ^ Bodley, Michael (June 18, 2014). "M&T Bank ordered to forfeit $560,000 of laundered drug proceeds". The Baltimore Sun. 
  27. ^ Crittenden, Michael R. (June 18, 2013). "Fed Cites M&T for Anti-Money Laundering Problems". The Wall Street Journal. (Subscription required (help)). 
  28. ^ Kline, Allissa (June 18, 2014). "Drug money-laundering probe costs M&T $560K". Buffalo Business First. (Subscription required (help)). 

External linksEdit