 | |
 M&T Bank headquarters in Buffalo | |
| Company type | Public |
|---|---|
| Industry | |
| Founded | August 29, 1856; 168 years ago (1856-08-29) |
| Headquarters | One M&T Plaza Buffalo, New York, U.S. |
Key people | René F. Jones (chairman andCEO) Kevin J. Pearson (vice chairman) Daryl N. Bible (CFO) |
| Products | |
| Revenue |  US$9.3 billion (2024) |
2,611,123,000 United States dollar (2022)  | |
| US$2.6 billion (2024) | |
| Total assets | US$208.1 billion (2024) |
| Total equity |  US$29.0 billion (2024) |
Number of employees | 21,873 (2024) |
| Subsidiaries | |
| Website | www |
| Footnotes / references [1] | |
M&T Bank Corporation (Manufacturers and Traders Trust Company) is an Americanbank holding company headquartered inBuffalo, New York.[2] It operates 950+ branches in 12 states and Washington D.C. across the Eastern United States, from Maine to Virginia.[1][3] Until May 1998, the bank's holding company was named First Empire State Corporation.[4]
M&T Bank has been profitable in every quarter since 1976.[5] Other thanNorthern Trust, M&T was the only bank in theS&P 500 Index not to lower its dividend during thefinancial crisis of 2007–2008.[6]
The bank owns theBuffalo Savings Bank building in downtown Buffalo,Bridgeport Center inBridgeport, Connecticut,[7] and the M&T Tech Hub in theSeneca One Tower.[8] It also sponsorsM&T Bank Stadium, home of theBaltimore Ravens, as well as M&T Bank Auditorium and M&T Bank Atrium of theUniversity at Buffalo. M&T Bank is the official bank of theBuffalo Bills inWestern New York and of their homeHighmark Stadium inOrchard Park.Wilmington Trust is a subsidiary of M&T Bank Corporation, offering global corporate and institutional services, private banking, investment management, and fiduciary services.
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 Bronson Rumsey founded M&T Bank in 1856 as "Manufacturers and Traders Trust Company".[9] Henry Martin, former president of theAttica and Buffalo Railroad, was appointed the first president and assigned a salary of $1,000 a year.[10] The company opened its first office on August 29 of that year at 2 East Swan Street in Buffalo.[11] In 1885, Martin retired as president, at the age of 83, and was succeeded by Pascal Pratt, who had served as Vice President since the bank was formed.[10]
In 1901, the bank built a new headquarters on a site purchased for $210,000 near the southwest corner of Main and Swan Streets in Buffalo. The granite neo-classical building was designed by architectE. B. Green of Green & Wicks. By 1914, Robert Livingston Fryer was the bank's President. In 1917, Harry T. Ramsdell, the bank's fourth president, served as a district chairman for a special subscription committee of the nationalLiberty Loan program.[10]
Following the 1925 merger withFidelity Trust, the $100 million company was headed by Fidelity's President, 36-year-oldLewis G. Harriman. Harriman and a group of investors includingA. H. Schoellkopf, from thefounding family of theNiagara Mohawk power company, andJames V. Forrestal, who would become the firstU.S. Secretary of Defense, own enough shares to control both Fidelity and M&T.[10]
In 1961, M&T acquired an entire block on Main Street between North Division and Eagle Streets in downtown Buffalo and began plans for a $12 million skyscraper to become the bank's new headquarters. In 1963, architectMinoru Yamasaki, who was featured on the cover ofTime magazine that year as he was designing theWorld Trade Center in New York City, was retained by M&T to design its new building in Buffalo, which was completed in 1967. In 1964, Charles W. Millard succeeded Harriman as chairman of M&T.[10]
In 1969, M&T's stockholders voted to create a multi-bank holding company known as First Empire State Corporation. In 1983, the bank which had assets of $2 billion and operated 60 offices, namedRobert G. Wilmers as chairman and CEO, a position he held until his death in December 2017.[11] In 1995, First Empire formed a national bank subsidiary, M&T Bank, N.A.[10]
In 2008, M&T received a $600 million investment by theUnited States Treasury as a result of theTroubled Asset Relief Program (TARP) and M&T assumed another $482 million in TARP obligations from its acquisitions.[12] In 2012, the bank repaid $700 million of TARP funds.[12]
In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 that had beenlaundered through itsPerry Hall, Maryland, branch; from 2011 to 2013, Deanna Bailey went to the branch and had head teller Sabrina Fitts convert cash amounts from $20,000 to $100,000 into larger bills.[13] Fitts accepted a 1% transaction fee in exchange for not filing acurrency transaction report. This violated theBank Secrecy Act of 1970.[14]
On December 16, 2017, non-executive chairman Robert T. Brady became acting chairman and CEO.[15] On December 20, 2017, René F. Jones was appointed chairman and CEO.
In 2021, M&T Bank contributed $33.9 million to over 3,000 nonprofit organizations across eight states and the District of Columbia. The bank has donated more than $279.4 million to nonprofits over the past decade, and over $437.5 million to nonprofits over the past two decades.[16]
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 three years with most of the funds set to be distributed to Connecticut-based organizations and other north-eastern states where People’s United had operated. M&T announced that $9 to $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 to 70 organizations in the initiatives first phase.[17]
In August 2022, M&T announced a partnership withStefon Diggs; Diggs served as a brand ambassador for M&T’s “Football Brings Us Together” campaign.[18]
In October 2022, M&T launched its Multicultural Banking Center inEast Hartford, Connecticut; the bank has 118 multicultural locations.[3][19]
In 2022, M&T was listed as one of theBest Places to Work for Disability Inclusion by the Disability Equality Index (DEI) for its fourth consecutive year.[20][21]
Between 1945 and 1966, M&T acquired 18 local banking institutions.[10] Between 1987 and 2022, M&T Bank acquired 24 financial institutions, as follows:[22]
