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, D.C., and Connecticut.
M&T is ranked #455 on the Fortune 500
M&T Bank has been profitable in every quarter since 1976. 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.
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.
Video M&T Bank
History
M&T was founded in 1856 in Western New York state as "Manufacturers and Traders Trust Company"
From 1983 to 2017 Robert G. Wilmers served as Chairman and CEO.
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.
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.
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. At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in 2010.
On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, New York.
In December 2007, M&T Bank acquired Partners Trust Financial Group, which included 33 branches in upstate New York, for $555 million.
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.
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.
In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in stock.
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. 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 as a result of the Troubled Asset Relief Program (TARP) and M&T assumed another $482 million in TARP obligations from its acquisitions. In 2011, the bank repaid $700 million of TARP funds.
In December 2017 Wilmers dies and non-Executive Chairman Robert T. Brady becomes acting Chairman and CEO.
Maps M&T Bank
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, branch. At least eight 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. 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.
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.
References
External links
Source of the article : Wikipedia
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