M&T Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York.[1] It operates 780 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, D.C., and Connecticut.[2] M&T is ranked 462nd on the Fortune 500.[1] Until May 1998, it was named First Empire State Corporation.[3]

"M&T" redirects here. For the energy efficiency technique, see Energy monitoring and targeting.
M&T Bank Corporation
Public company
Traded asNYSE: MTB
S&P 500 Index component
IndustryFinancial services
FoundedAugust 29, 1856 (1856-08-29)
HeadquartersOne M&T Plaza
Buffalo, New York
United States
Key people
René F. Jones
(Chairman and CEO)
Kevin J. Pearson
(Vice Chairman)
Richard S. Gold
(President and COO)
ProductsRetail banking
Commercial bank
Investment Banking
Investment Management
Private banking
Revenue $6.455 billion (2019)
$1.918 billion (2019)
Total assets $120.097 billion (2019)
Total equity $15.460 billion (2019)
Number of employees
16,840 [1] (2019)
SubsidiariesWilmington Trust
Websitewww.mtb.com
Footnotes / references
[2]
M&T footprint as of March 2016
M&T Bank Headquarters, Buffalo
M&T Center, Buffalo

M&T Bank has been profitable in every quarter since 1976.[4] Other than Northern Trust, M&T was the only bank in the S&P 500 Index not to lower its dividend during the financial crisis of 2007–2008.[5]

The bank owns the 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.

History

M&T was founded in 1856 in Western New York state as "Manufacturers and Traders Trust Company". The company opened its first branch on August 29 of that year at 2 East Swan Street in Buffalo.[6]

In 1983, Robert G. Wilmers was named Chairman and CEO, a position he held until his death in December 2017.[6]

Between 1987 and 2009, M&T Bank acquired 20 financial institutions, as follows:[7]

  • December 1987: East New York Savings of New York City
  • January 1989: Monroe Savings Bank of Rochester, New York
  • September 1990: Assets of Empire of America Savings Bank of Buffalo (along with KeyBank and others)
  • May 1991: Assets of Goldome Bank of Buffalo (along with KeyBank and others)
  • July 1992: Central Trust and Endicott Trust of Rochester, New York and Binghamton, New York.[8]
  • December 1994: Hudson Valley branches of Chemical Bank; New York and Ithaca Bancorp of Ithaca, New York.
  • July 1995: Hudson Valley branches of Chase Manhattan
  • January 1997: Green Point Bank branches of Westchester, New York
  • June 1999: First National Bank of Rochester
  • April 1998: OnBank of Syracuse, New York[9]
  • September 1999: 29 Chase Bank Branches in Buffalo, Jamestown, and Binghamton[10]
  • October 2000: Keystone Financial of Central Pennsylvania[11]
  • February 2001: Premier Nation Bancorp of Newburgh[12]
  • April 2003: 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.[13][14] At the direction of Irish government financial regulators, AIB sold its 22% ownership interest in M&T in 2010.[15]
  • July 2006: 21 Citibank branches in Buffalo and Rochester[16]
  • December 2007: Partners Trust Financial Group, including 33 branches in upstate New York, for $555 million.[17]
  • December 2007: 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.[18]
  • May 2009: Provident Bank of Maryland in a stock transaction.[19]
  • August 2009: The Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank and sold all its deposits and most assets to M&T.[20] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.[21]

In May 2011, M&T acquired Wilmington Trust for $351 million in stock.[22]

On August 27, 2012, M&T announced the acquisition of Hudson City Bancorp 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.[23] 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.[24][25]

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.[26] In 2011, the bank repaid $700 million of TARP funds.[26]

On December 16, 2017, Robert Wilmers died and non-Executive Chairman Robert T. Brady became acting Chairman and CEO.[27] On December 20, 2017, René F. Jones was appointed Chairman and Chief Executive Officer.

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, 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.[28] Fitts accepted a 1% transaction fee in exchange for not filing a currency transaction report. This violated the Bank Secrecy Act of 1970 which requires all cash transactions of more than $10,000 to be reported to the Internal Revenue Service.[29]

The acquisition of Hudson City Bancorp 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.[30][31]

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References
  1. "M&T Bank Corp". Fortune. Retrieved 2018-12-31.
  2. "M&T Bank Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  4. Reynolds, Ben (March 3, 2017). "Buffett Stocks in Focus: M&T Bank". Yahoo! Finance.
  5. Engren, John (February 20, 2012). "M&T Bank's Bob Wilmers is Too Sharp to Fail". Institutional Investor.
  6. "Newsroom: History". M&T Bank. Archived from the original on 2018-08-15. Retrieved 2018-02-08.
  7. "Investor Relations: Acquisitions". M&T Bank.
  8. "M&T Buys Central Trust, Endicott Bank Fast-Growing Buffalo Bank Pays $111 Million for Two MidAtlantic Subsidiaries". The Buffalo News. February 23, 1992.
  9. Pinckney, Barbara (November 3, 1997). "M&T parent adopts bank with local branches". American City Business Journals.
  10. "M&T Bank To Acquire 29 Chase Branches". American City Business Journals. June 4, 1999.
  11. "M&T Bank to Acquire Keystone Financial". Los Angeles Times. Bloomberg News. May 18, 2000.
  12. "Company News: M & T Bank in Deal to Acquire Premier National Bancorp". The New York Times. Associated Press. July 11, 2000.
  13. "M&T Bank Corporation Consummates Acquisition of Allfirst Financial Inc" (Press release). PR Newswire. April 1, 2003.
  14. Patalon III, William (April 2, 2003). "Allfirst's sale to M&T Bank is completed". The Baltimore Sun.
  15. "Allied Irish Selling $2.2 Billion Stake in M&T". The New York Times. October 6, 2010.
  16. Appelbaum, Binyamin (December 20, 2008). "M&T Agrees to Buy Provident Bank". The Washington Post.
  17. "M&T Completes Partners Trust Acquisition" (Press release). PR Newswire. December 3, 2007. Archived from the original on April 2, 2015. Retrieved May 21, 2017.
  18. Adams, Thomas (September 25, 2007). "M&T buys First Horizon branches". American City Business Journals.
  19. "M&T Bank Corporation Completes Acquisition of Provident Bankshares Corporation" (Press release). PR Newswire. May 26, 2009.
  20. "Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford Bank, Baltimore, Maryland" (Press release). Federal Deposit Insurance Corporation. August 28, 2009.
  21. Haber, Gary; Sullivan, Joanna (August 31, 2009). "Feds seize Bradford Bank; M&T to buy assets". American City Business Journals.
  22. "M&T to acquire Delaware bank". American City Business Journals. November 1, 2010.
  23. "M&T Bank to Buy Hudson City Bancorp for $3.7 Billion". The New York Times. August 27, 2012.
  24. "M&T Bank Corporation Completes Acquisition of Hudson City Bancorp, Inc" (Press release). PR Newswire. November 2, 2015.
  25. Ensign, Rachel Louise (November 2, 2015). "M&T Bank Completes Acquisition of Hudson City After 3-Year Delay". The Wall Street Journal.
  26. Eavis, Peter (April 9, 2012). "Despite Good Health, Bank Holds Tight to TARP Funds". The New York Times.
  27. "M&T Bank Announces Passing of Chairman and Chief Executive Officer Robert G. Wilmers" (Press release). PR Newswire. December 17, 2017.
  28. "Baltimore Drug Dealer Sentenced In Money Laundering Scheme" (Press release). United States Attorney for the District of Maryland. February 24, 2014.
  29. Bodley, Michael (June 18, 2014). "M&T Bank ordered to forfeit $560,000 of laundered drug proceeds". The Baltimore Sun.
  30. Crittenden, Michael R. (June 18, 2013). "Fed Cites M&T for Anti-Money Laundering Problems". The Wall Street Journal.
  31. Kline, Allissa (June 18, 2014). "Drug money-laundering probe costs M&T $560K". American City Business Journals.
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