|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
|Products||Finance and insurance
Global Wealth Management
|Revenue||$4.822 billion (2013)|
|Net income||$1.138 billion (2013)|
|Total assets||$85.1 billion (2013)|
|Total equity||$11.3 billion (2013)|
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, Central Florida, North Carolina and Texas.
"M&T" is an abbreviation of the old original "Manufacturers and Traders Trust Company", founded in 1856. The bank owns the original Buffalo Savings Bank (later Goldome, now defunct) building in Fountain Plaza, in downtown Buffalo.
Warren Buffett's Berkshire Hathaway financial investment syndicate owns 5.66% of M&T's shares.
M&T Bank is the sponsor of the M&T Bank Stadium, constructed 1996-1998 (formerly titled "PSI-Net Stadium" for several years from an internet/computer company) at the downtown Camden Yards sports complex, west of the famed "Inner Harbor" of the City of Baltimore, the home of the Baltimore Ravens of the National Football League, which were transferred from Cleveland in Ohio, by long-time owner Art Modell where they had played since the 1940s in the old All America Football Conference and the earlier NFL as the Cleveland Browns, with owner/coach Paul Brown. The Ravens and their new stadium replaced the iconic Baltimore Colts who played also in the old AAFC in the 40's at old Memorial Stadium in an old residential neighborhood Waverly in north Baltimore City.
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 also purchase Baltimore-based, still independent 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.
- 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.
- 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.