M&T Bank Corporation (Manufacturers and Traders Trust Company) is an American

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

headquartered in

Buffalo, New York Buffalo is the second-largest city in the U.S. state of New York (behind only New York City) and the seat of Erie County. It is at the eastern end of Lake Erie, at the head of the Niagara River, and is across the Canadian border from South ...

. It operates 1680

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Connecticut Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its cap ...

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

Maine Maine () is a state in the New England and Northeastern regions of the United States. It borders New Hampshire to the west, the Gulf of Maine to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and north ...

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

New Hampshire New Hampshire is a U.S. state, state in the New England region of the northeastern United States. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec t ...

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

Vermont Vermont () is a state in the northeast New England region of the United States. Vermont is bordered by the states of Massachusetts to the south, New Hampshire to the east, and New York to the west, and the Canadian province of Quebec to ...

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

West Virginia West Virginia is a state in the Appalachian, Mid-Atlantic and Southeastern regions of the United States.The Census Bureau and the Association of American Geographers classify West Virginia as part of the Southern United States while the Bur ...

, and

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

M&T is ranked 519th on the

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

list based on 2021 revenues. Until May 1998, the bank's holding company was named First Empire State Corporation. M&T Bank has been profitable in every quarter since 1976. Other than

Northern Trust Northern Trust Corporation is a financial services company headquartered in Chicago that caters to corporations, institutional investors, and ultra high net worth individuals. Northern Trust is one of the largest banking institutions in the Un ...

, M&T was the only bank in the

S&P 500 Index The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of D ...

not to lower its dividend during the

financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

. The bank owns the

Buffalo Savings Bank The Buffalo Savings Bank is a neoclassical, Beaux-Arts style bank branch building located at 1 Fountain Plaza in downtown Buffalo, New York. History The Buffalo Savings Bank building opened in May 1901. The building's signature feature is the ...

building in downtown Buffalo, and

Bridgeport Center Bridgeport Center (also known as the People's Bank Building) is a continuous complex of low to mid-rise office buildings in downtown Bridgeport, Connecticut. The complex served as the headquarters of People's United Financial, now a subsidiary ...

Bridgeport, Connecticut Bridgeport is the List of municipalities in Connecticut, most populous city and a major port in the U.S. state of Connecticut. With a population of 148,654 in 2020, it is also the List of cities by population in New England, fifth-most populous ...

. M&T Bank also sponsors

M&T Bank Stadium M&T Bank Stadium is a multi-purpose football stadium located in Baltimore, Maryland. It is the home of the Baltimore Ravens of the National Football League (NFL). The stadium is immediately adjacent to Oriole Park at Camden Yards, the home of the ...

, home of the

Baltimore Ravens The Baltimore Ravens are a professional American football team based in Baltimore, Maryland. The Ravens compete in the National Football League (NFL) as a member club of the American Football Conference (AFC) North division. The team plays its ...

. M&T Bank is the official bank of the

Buffalo Bills The Buffalo Bills are a professional American football team based in the Buffalo metropolitan area. The Bills compete in the National Football League (NFL) as a member club of the league's American Football Conference (AFC) East division. ...

Western New York Western New York (WNY) is the westernmost region of the U.S. state of New York. The eastern boundary of the region is not consistently defined by state agencies or those who call themselves "Western New Yorkers". Almost all sources agree WNY in ...

and of their home

Bills Stadium Highmark Stadium is a stadium in Orchard Park, New York, in the Southtowns of the Buffalo metropolitan area. The stadium opened in 1973 as Rich Stadium and is the home venue of the Buffalo Bills of the National Football League (NFL). It was ...

Orchard Park, New York Orchard Park is a town in Erie County, New York. It is an outer ring suburb southeast of Buffalo. As of the 2010 census, the population was 29,054, representing an increase of 5.13% from the 2000 census figure. The town contains a village als ...

Wilmington Trust Wilmington Trust is one of the top 10 largest American institutions by fiduciary assets. Wilmington Trust is currently a provider of international corporate and institutional services, investment management, and private banking. The firm was foun ...

is a subsidiary of M&T Bank Corporation, offering global corporate and institutional services, private banking, investment management, and fiduciary services.

History

In the mid-19th century, few banking options existed for the growing number of manufacturers in the city of Buffalo. As a result, businessmen Pascal Pratt and Brownson Rumsey founded M&T Bank in 1856 as "Manufacturers and Traders Trust Company". The company opened its first office on August 29 of that year at 2 East Swan Street in Buffalo. In 1983, Robert G. Wilmers was named Chairman and CEO, a position he held until his death in December 2017. Between 1987 and 2009, M&T Bank acquired 20 financial institutions, as follows: * December 1987: East New York Savings of

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

* January 1989: Monroe Savings Bank of

Rochester, New York Rochester () is a City (New York), city in the U.S. state of New York (state), New York, the county seat, seat of Monroe County, New York, Monroe County, and the fourth-most populous in the state after New York City, Buffalo, New York, Buffalo, ...

* September 1990: Assets of Empire of America Savings Bank of Buffalo (along with

KeyBank KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is one of the largest banks in the United States. Key's customer base spans retail, small b ...

and others) * May 1991: Assets of Goldome Bank of Buffalo (along with

and others) * July 1992: Central Trust and Endicott Trust of

and

Binghamton, New York Binghamton () is a city in the U.S. state of New York, and serves as the county seat of Broome County. Surrounded by rolling hills, it lies in the state's Southern Tier region near the Pennsylvania border, in a bowl-shaped valley at the conflue ...

. * December 1994: Hudson Valley branches of

Chemical Bank Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world. Beginning ...

; New York and Ithaca Bancorp of

Ithaca, New York Ithaca is a city in the Finger Lakes region of New York, United States. Situated on the southern shore of Cayuga Lake, Ithaca is the seat of Tompkins County and the largest community in the Ithaca metropolitan statistical area. It is named a ...

. * July 1995: Hudson Valley branches of Chase Manhattan * January 1997: Green Point Bank branches of

Westchester, New York Westchester County is located in the U.S. state of New York. It is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States Census, the county had a population o ...

* June 1999: First National Bank of Rochester * April 1998: OnBank of

Syracuse, New York Syracuse ( ) is a City (New York), city in and the county seat of Onondaga County, New York, Onondaga County, New York, United States. It is the fifth-most populous city in the state of New York following New York City, Buffalo, New York, Buffa ...

* September 1999: 29 Chase Bank Branches in Buffalo, Jamestown, and Binghamton *October 2000: Keystone Financial of Central Pennsylvania * February 2001: Premier Nation Bancorp of Newburgh * April 2003: Allfirst Bank of

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

, a subsidiary of

Allied Irish Banks Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, trav ...

Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...

, in exchange for 26.7 million shares of M&T and $886 million in cash. At the direction of Irish government financial regulators, AIB sold its 22% ownership interest in M&T in 2010. * July 2006: 21

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

branches in Buffalo and Rochester * December 2007: Partners Trust Financial Group, including 33 branches in

upstate New York Upstate New York is a geographic region consisting of the area of New York State that lies north and northwest of the New York City metropolitan area. Although the precise boundary is debated, Upstate New York excludes New York City and Long Is ...

, for $555 million. * December 2007: 12

First Horizon National Corporation First Horizon Corporation is a bank holding company based in Memphis, Tennessee. Its banking subsidiary, First Horizon (formerly First Tennessee), is the largest bank in Tennessee and the fourth largest regional banking company in the Southeast. ...

branches in the greater Washington D.C. and Baltimore markets. * May 2009:

Provident Bank of Maryland Provident Bank of Maryland was a bank in the U.S. state of Maryland. Provident Bank was the last largest independent commercial bank still headquartered in Maryland by the early 2000s, after the previous decade's wave of mergers which reduced the na ...

in a stock transaction. * August 2009: The

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

(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. In May 2011, M&T acquired

for $351 million in stock. On August 27, 2012, M&T announced the acquisition of

Hudson City Bancorp Hudson City Bancorp, Inc., based in Paramus, New Jersey, Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest ba ...

for $3.7 billion. The bank had $25 billion in deposits and $28 billion in loans and 135 brick-and-mortar branch locations including 97 in New Jersey. 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. In 2008, M&T received a $600 million investment by the

United States Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

as a result of the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...

(TARP) and M&T assumed another $482 million in TARP obligations from its acquisitions. In 2011, the bank repaid $700 million of TARP funds. On December 16, 2017, Robert Wilmers died and non-Executive Chairman Robert T. Brady became acting Chairman and CEO. On December 20, 2017, René F. Jones was appointed Chairman and Chief Executive Officer. On February 22, 2021, M&T Bank announced an agreement to acquire

People's United Bank People's United Financial, Inc. was an American bank holding company that owns People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It is the second-l ...

in an all-stock transaction valued at approximately $7.6 billion. The acquisition was completed on April 2, 2022. In May 2022, M&T announced a $25 million initiative to support lower-income communities and underrepresented groups. The new Amplify Fund will be deployed over 3 years with most of the funds set to be distributed to Connecticut-based organisations and other north-eastern states where People’s United had operated. M&T announced that $9-$11 million will be distributed by the end of 2022, with the rest of the funds to be distributed over the next two year and expects to fund approximately 60-70 organisations in the initiatives first phase.

Legal issues

Money laundering

In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 in drug proceeds that had been laundered through its

Perry Hall, Maryland Perry Hall is an unincorporated community and census-designated place in Baltimore County, Maryland, United States. The population was 28,474 at the 2010 census. It is a suburb of Baltimore. Geography Perry Hall is located at . According to the U ...

, branch. At least 8 times from 2011 to 2013, Deanna Bailey, a drug dealer, 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% transaction fee in exchange for not filing a

currency transaction report A currency transaction report (CTR) is a report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which i ...

. This violated the

Bank Secrecy Act of 1970 The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money launde ...

which requires all cash transactions of more than $10,000 to be reported to the

Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory ta ...

. The acquisition of

was delayed for more than 3 years by the Federal Reserve Board, which was unconvinced that the bank's anti-laundering controls were strong enough.

References

External links

* {{DEFAULTSORT:MandT Bank Banks based in New York (state) Companies based in Buffalo, New York American companies established in 1856 Banks established in 1856 Companies listed on the New York Stock Exchange