|Traded as||NYSE: MTB
S&P 500 Component
|Headquarters||One M&T Plaza
Buffalo, New York
|Key people||Robert G. Wilmers, Chairman and CEO
René F. Jones, CFO
Mark J. Czarnecki, President
Global Wealth Management
|Net income||$1.138 billion (2013)|
|Total assets||$85.1 billion (2013)|
|Total equity||$11.3 billion (2013)|
As of 2013, M&T Bank held $85.1 billion in assets, making it one of the 20 largest commercial bank holding companies in the U.S. It operates more than 700 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, D.C. It also operates private wealth offices across the United States and in Europe.
Warren Buffett's Berkshire Hathaway financial investment syndicate owns 5.66% of M&T's shares. 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.
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) of Ireland. AIB formed Allfirst in 1999 by merging its newly acquired Dauphin Deposit Corp. in the state capital of Harrisburg, in Pennsylvania with two other recent properties: the old First National Bank of Maryland (later controlled by holding firm, First Maryland Bancorp) one of the top banks in Baltimore and Maryland, which it had acquired in 1997, and The York Bank of York, Pennsylvania. M&T's acquisition went through the year after Allfirst in its brief life 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 government financial 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.
In December 2008, M&T Bank announced its intention to buy Baltimore-based Provident Bank of Maryland (formerly Provident Savings Bank of Baltimore City, established 1886), and completed the deal the following May.
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.
In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 in drug proceeds that was laundered through its Perry Hall, Maryland, branch. At least eight times from 2011 to 2013, Deanna Bailey 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 percent 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 pending acquisition of Hudson City Bancorp has been held up for more than two years by the Federal Reserve Board, which is unconvinced that the bank's anti-laundering controls are strong enough.
- 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.
- "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.
- "M&T Bank ordered to forfeit $560,000 of laundered drug proceeds". Baltimore Sun. June 18, 2014. Retrieved October 16, 2014.
- "Fed Cites M&T for Anti-Money Laundering Problems". Wall Street Journal. June 18, 2013. Retrieved October 16, 2014.
- "Drug money-laundering probe costs M&T $560K". Business Journals. June 18, 2014. Retrieved October 16, 2014.
- 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.