M&T Bank
M&T Bank
Type | Public company |
|---|---|
| Traded as | NYSE: MTB [36] S&P 500 Index component |
| Industry | Financial services |
| Founded | August 30, 1856 |
| Headquarters | One 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) |
| Products | Retail banking Commercial bank Investment Banking Investment Management Private banking |
| Revenue |  $6.019 billion (2017) |
Net income | $1.408 billion (2017) |
| Total assets |  $118.593 billion (2017) |
| Total equity | $16.251 billion (2017) |
Number of employees | 16,354[1] (2017) |
| Subsidiaries | Wilmington Trust |
| Website | www.mtb.com [37] |
| Footnotes / references [2] | |
M&T footprint as of March 2016
M&T Bank Headquarters, Buffalo
M&T Center, Buffalo
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 467th on the Fortune 500.[1]
Until may 1998, it was named First Empire State Corporation [1] [38] .
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.
Type | Public company |
|---|---|
| Traded as | NYSE: MTB [36] S&P 500 Index component |
| Industry | Financial services |
| Founded | August 30, 1856 |
| Headquarters | One 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) |
| Products | Retail banking Commercial bank Investment Banking Investment Management Private banking |
| Revenue | $6.019 billion (2017) |
Net income | $1.408 billion (2017) |
| Total assets | $118.593 billion (2017) |
| Total equity | $16.251 billion (2017) |
Number of employees | 16,354[1] (2017) |
| Subsidiaries | Wilmington Trust |
| Website | www.mtb.com [37] |
| Footnotes / references [2] | |
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.[5]
In 1983, Robert G. Wilmers was named Chairman and CEO, a position he held until his death in December 2017.[5]
Between 1987 and 2009, M&T Bank acquired 20 financial institutions, as follows:[6]
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.[7]
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[8]
September 1999: 29 Chase Bank Branches in Buffalo, Jamestown, and Binghamton[9]
October 2000: Keystone Financial of Central Pennsylvania[10]
February 2001: Premier Nation Bancorp of Newburgh[11]
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.[12][13] At the direction of Irish government financial regulators, AIB sold its 22% ownership interest in M&T in 2010.[14]
July 2006: 21 Citibank branches in Buffalo and Rochester[15]
December 2007: Partners Trust Financial Group, including 33 branches in upstate New York, for $555 million.[16]
December 2007: 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.[17]
May 2009: Provident Bank of Maryland in a stock transaction.[18]
August 2009: The Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank and sold all its deposits and most assets to M&T.[19] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.[20]
In May 2011, M&T acquired Wilmington Trust for $351 million in stock.[21]
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.[22] 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.[23][24]
On December 16, 2017, Robert Wilmers died and non-Executive Chairman Robert T. Brady became acting Chairman and CEO.[26] On December 20, 2017, René F. Jones was appointed Chairman and Chief Executive Officer.
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 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.[27] 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.[28]