M&T Bank

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M&T Bank Corporation
Type Public
Traded as NYSEMTB
S&P 500 Component
Industry Banking
Financial services
Founded 1856
Headquarters One M&T Plaza
Buffalo, New York
United States
Key people Robert G. Wilmers, Chairman
Mike Pinto, Vice Chairman
Mark J. Czarnecki, President
Products Finance and insurance
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Global Wealth Management
Private Equity
Mortgages
Credit Cards
Revenue Increase $4.000 billion (2011)
Net income Increase $859 million (2011)
Total assets Increase $77.9 billion (2011)
Total equity Increase $9.271 billion (2011)
Employees 15,666 (2011)
Website www.mtb.com
M&T footprint

M&T Bank is an American commercial bank that was founded in 1856 in western New York state, and is today headquartered in Buffalo at One M&T Plaza.

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.[1] 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.

"M&T" is an abbreviation of Manufacturers and Traders Trust Company. The bank owns the original Buffalo Savings Bank (later Goldome, now defunct) building in Fountain Plaza, in downtown Buffalo.

Warren Buffett's Berkshire Hathaway owns 5.66% of M&T's shares.

M&T Bank is the sponsor of the M&T Bank Stadium, the home of the Baltimore Ravens of the National Football League.

History[edit]

M&T Center, Buffalo

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 (NYSEAIB). 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.

On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, scooping up the branches, employees, and accounts held at those branches.[2]

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 purchase Baltimore-based Provident Bank, and completed the deal the following May.[3]

On August 28, 2009, the Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank, and sold all its deposits and most assets to M&T.[4] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.[5]

In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in a stock-for-stock transaction.[6]

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.[7][8]

Financial performance[edit]

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.[citation needed]

In 2007, M&T ranked 496th on the Fortune 500 company list. In 2009, M&T fell to number 535 on the same list, but continued to be one of the companies on the S&P 500 stock index.

As of January 2012, M&T owed $381.5 million to the U.S. government Troubled Asset Relief Program.[9] In August 2012, M&T bank repaid the U.S. government in full for the TARP bailout.[citation needed]

References[edit]

  1. ^ United States Federal Reserve, National Information Center. Retrieved on September 18, 2013. http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
  2. ^ Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post. Retrieved May 12, 2010. 
  3. ^ "M&T Acquisition History". M&T Bank. Retrieved September 5, 2010. 
  4. ^ "Md. thrift seized". The Baltimore Sun. 2009-08-29. Retrieved 2009-08-29. 
  5. ^ "Feds seize Bradford Bank; M&T to buy assets". The Business Review. 2009-08-29. Retrieved 2009-08-20. [dead link]
  6. ^ "M&T acquires Delaware bank for $351 million". Latest acquisition. Rochester Business Journal. Retrieved 2 November 2010. 
  7. ^ 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]
  8. ^ "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". New York Times. Aug 27, 2012. 
  9. ^ Gordon, Marcy, "Report: Taxpayers still owed $133B from bailout", Associated Press via Atlanta Journal-Constitution, January 26, 2012. Retrieved 2012-01-26.

External links[edit]