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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
Key people
Robert G. Wilmers, Chairman & CEO
Darren J. King, CFO[1]
Products Retail banking
Commercial bank
Investment Banking
Investment Management
Private banking
Revenue Increase $3.485 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
Website www.mtb.com

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 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.

Contents

HistoryEdit

 
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"

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 1992, M&T Bank acquired Central Trust and Endicott Trust of Rochester, New York and Binghamton, New York.[5]

In December 1994, M&T acquired Chemical Bank branches of Hudson Valley, New York and Ithaca Bancorp of Ithaca, New York.

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 September 1999, M&T Bank acquired 29 Chase Bank Branches of Buffalo, Jamestown, and Binghamton, New York.[6]

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.[7][8] At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in 2010.[9]

On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, New York.[10]

In December 2007, M&T Bank acquired Partners Trust Financial Group, which included 33 branches in upstate New York, for $555 million.[11]

In December 2007, M&T completed the purchase of 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.

In May 2009, M&T Bank acquired Provident Bank of Maryland in a stock transaction.[12]

On August 28, 2009, the Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank, and sold all its deposits and most assets to M&T.[13] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.[14]

In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in stock.[15]

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.[16] 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.[17][18]

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.[19] In 2011, the bank repaid $700 million of TARP funds.[19]

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.[20] 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.[21]

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.[22][23]

ReferencesEdit

  1. ^ a b c d e f "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!. 
  4. ^ Engren, John (February 20, 2012). "M&T Bank's Bob Wilmers is Too Sharp to Fail". Institutional Investor. 
  5. ^ "M&T BUYS CENTRAL TRUST, ENDICOTT BANK FAST-GROWING BUFFALO BANK PAYS $111 MILLION FOR TWO MIDLANTIC SUBSIDIARIES". The Buffalo News. February 23, 1992. 
  6. ^ "M&T Bank To Acquire 29 Chase Branches". American City Business Journals. June 4, 1999. 
  7. ^ "M&T Bank Corporation Consummates Acquisition of Allfirst Financial Inc" (Press release). PRNewswire. April 1, 2003. 
  8. ^ Patalon III, William (April 2, 2003). "Allfirst's sale to M&T Bank is completed". Baltimore Sun. 
  9. ^ "Allied Irish Selling $2.2 Billion Stake in M&T". The New York Times. October 6, 2010. 
  10. ^ Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post. 
  11. ^ "M&T Completes Partners Trust Acquisition" (Press release). PRNewswire. December 3, 2007. 
  12. ^ "M&T Bank Corporation Completes Acquisition of Provident Bankshares Corporation" (Press release). PRNewswire. May 26, 2009. 
  13. ^ "Failed Bank Information Information for Bradford Bank, Baltimore, MD". Federal Deposit Insurance Corporation. 
  14. ^ Haber, Gary; Sullivan, Joanna (August 31, 2009). "Feds seize Bradford Bank; M&T to buy assets". American City Business Journals. 
  15. ^ "M&T to acquire Delaware bank". American City Business Journals. November 1, 2010. 
  16. ^ "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". The New York Times. Aug 27, 2012. 
  17. ^ "M&T Bank Corporation Completes Acquisition of Hudson City Bancorp, Inc" (Press release). PRNewswire. November 2, 2015. 
  18. ^ Ensign, Rachel Louise (November 2, 2015). "M&T Bank Completes Acquisition of Hudson City After 3-Year Delay". The Wall Street Journal. (subscription required)
  19. ^ a b EAVIS, PETER (April 9, 2012). "Despite Good Health, Bank Holds Tight to TARP Funds". The New York Times. 
  20. ^ "Baltimore Drug Dealer Sentenced In Money Laundering Scheme" (Press release). United States Department of Justice. February 24, 2014. 
  21. ^ Bodley, Michael (June 18, 2014). "M&T Bank ordered to forfeit $560,000 of laundered drug proceeds". The Baltimore Sun. 
  22. ^ Crittenden, Michael R. (June 18, 2013). "Fed Cites M&T for Anti-Money Laundering Problems". The Wall Street Journal. (subscription required)
  23. ^ Kline, Allissa (June 18, 2014). "Drug money-laundering probe costs M&T $560K". American City Business Journals. 

External linksEdit