|Traded as||NYSE: MTB
S&P 500 Component
|Headquarters||One M&T Plaza
Buffalo, New York
|Key people||Robert G. Wilmers, Chairman
Mike Pinto, Vice Chairman
Mark J. Czarnecki, President
|Products||Finance and insurance
Global Wealth Management
|Revenue||$4.000 billion (2011)|
|Net income||$859 million (2011)|
|Total assets||$77.9 billion (2011)|
|Total equity||$9.271 billion (2011)|
As of June 30, 2013, the parent company, M&T Bank Corporation, held $83.2 billion in assets, making it the 30th-largest U.S. bank holding company. It is also one of the 20 largest commercial bank holding companies, with more than 750 branches in New York, Maryland, Pennsylvania, Virginia, Washington, D.C., West Virginia, Delaware, New Jersey, and Central Florida.
Warren Buffett's Berkshire Hathaway owns 5.66% of M&T's shares.
From 1987 to 2009, M&T Bank acquired 20 companies.
In 1998, M&T Bank acquired the assets of OnBank in Syracuse, New York.
In 2003, M&T Bank acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks (NYSE: AIB). AIB formed Allfirst by merging its newly acquired Dauphin Deposit Corp. in Harrisburg, Pennsylvania, with two other properties: First Maryland Bank and The York Bank. M&T's acquisition went through the year after Allfirst was found to have lost $691 million in the John Rusnak currency trading scandal. The acquisition was M&T's largest, both in terms of assets acquired and as a percentage of M&T's prior asset size. At the direction of Irish regulators, AIB sold off its 22% ownership of M&T in autumn 2010.
In July 2007, M&T Bank announced plans to acquire Partners Trust Financial Group, which included 33 branches in upstate New York. M&T Bank completed the acquisition on November 30, 2007.
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.
M&T Bank has been profitable every quarter since the late 1970s. In the financial crisis of 2008 and 2009, M&T was one of only two banks in the S&P 500 that didn't lower its dividend.
- United States Federal Reserve, National Information Center. Retrieved on September 18, 2013. http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
- Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post. Retrieved May 12, 2010.
- "M&T Acquisition History". M&T Bank. Retrieved September 5, 2010.
- "Md. thrift seized". The Baltimore Sun. 2009-08-29. Retrieved 2009-08-29.
- "Feds seize Bradford Bank; M&T to buy assets". The Business Review. 2009-08-29. Retrieved 2009-08-20.[dead link]
- "M&T acquires Delaware bank for $351 million". Latest acquisition. Rochester Business Journal. Retrieved 2 November 2010.
- Epstein, Jonathan D. (27 August 2012). "M&T to expand in New Jersey with Hudson City purchase". The Buffalo News. Retrieved 27 August 2012.[dead link]
- "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". New York Times. Aug 27, 2012.
- Gordon, Marcy, "Report: Taxpayers still owed $133B from bailout", Associated Press via Atlanta Journal-Constitution, January 26, 2012. Retrieved 2012-01-26.
- Official site
- Site with photos of M&T's Gold Dome branch at Fountain Plaza in Buffalo.
- M&T Gets Approval to Operate in Canada.