M&T Bank

M&T Bank Corporation

Type	Public company
Traded as	NYSE: MTB S&P 500 Component
Industry	Financial services
Founded	August 30, 1856 (1856-08-30)
Headquarters	One M&T Plaza Buffalo, New York
Key people	Robert G. Wilmers, Chairman and CEO Darren J. King, CFO[1]
Products	Retail banking Commercial bank Investment Banking Investment Management Private banking
Revenue	US$3.485 billion (2016)[1]
Net income	US$1.315 billion (2016)[1]
Total assets	US$123.449 billion (2016)[1]
Total equity	US$16.486 billion (2016)[1]
Number of employees	16,973 (2016)[1]
Subsidiaries	Wilmington Trust
Website	www.mtb.com

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, DC, and Connecticut.

M&T is ranked #455 on the Fortune 500^[2] and is on the list of largest banks in the United States.

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.

M&T is a member of the Real Estate Board of New York.^[5]

History

M&T footprint as of March 2016

M&T Bank Headquarters, Buffalo

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.^[6]

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.^[7]

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.^[8][9] At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in 2010.^[10]

On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, New York.^[11]

In December 2007, M&T Bank acquired Partners Trust Financial Group, which included 33 branches in upstate New York, for $555 million.^[12]

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.^[13]

On August 28, 2009, the Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank, and sold all its deposits and most assets to M&T.^[14] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.^[15]

In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in stock.^[16]

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.^[17] 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.^[18][19]

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.^[20] In 2011, the bank repaid $700 million of TARP funds.^[20]

Legal issues

Money laundering

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, a drug dealer,^[21] 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.^[22]

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.^[23][24]

References

External links

• Official site

• • Business data for M&T Bank: Google Finance
  • Yahoo! Finance
  • Reuters
  • SEC filings