M&T Bank
| File:M&T Bank logo.svg Logo of M&T Bank Corporation | |
| Company type | Public company |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1856 |
| Founder | Pascal Pratt, Bronson Rumsey |
| Headquarters | Buffalo, New York , United States |
Area served | Eastern United States (12 states and Washington D.C.) |
Key people | René F. Jones (Chairman and CEO) |
| Products | Banking, Financial services, Investment management, Fiduciary services |
| Website | www |
M&T Bank Corporation (originally Manufacturers and Traders Trust Company) is a U.S.-based bank holding company with its main office located in Buffalo, New York. The institution operates more than 950 branches spanning 12 states and Washington D.C., covering the Eastern U.S. corridor from Maine down to Virginia. Prior to May 1998, its holding entity was known as First Empire State Corporation.
Since 1976, M&T Bank has consistently reported profits every quarter. Alongside Northern Trust, it stood out as one of the few financial institutions within the S&P 500 that did not cut dividends during the 2008 financial crisis, highlighting its robust financial health and strategic durability.
The firm owns prominent real estate assets such as the Buffalo Savings Bank building, Connecticut’s Bridgeport Center, and the M&T Tech Hub situated in Seneca One Tower. It also sponsors significant sports venues including M&T Bank Stadium, home field for the Baltimore Ravens, and serves as the official banking partner of the Buffalo Bills and their stadium, Highmark Stadium.
Through its subsidiary Wilmington Trust, M&T offers a broad range of services including global corporate and institutional solutions, private banking, investment management, and fiduciary services, thereby strengthening its market reach and diversified business operations.
19th century
Established in 1856 due to limited banking services available to Buffalo’s manufacturing sector, entrepreneurs Pascal Pratt and Bronson Rumsey founded M&T Bank under the name "Manufacturers and Traders Trust Company." Henry Martin, formerly president of Attica and Buffalo Railroad, became its inaugural president with an annual salary of $1,000. The bank’s first branch opened on August 29 at 2 East Swan Street. After Martin retired in 1885, Pascal Pratt—who had served as Vice President since the bank’s founding—assumed the presidency.
20th century
In 1901, M&T constructed a new headquarters near Buffalo’s Main and Swan Streets, designed by architect E. B. Green. By 1914, leadership passed to Robert Livingston Fryer as president, followed by Harry T. Ramsdell who notably contributed to the national Liberty Loan program during World War I.
The 1925 merger with Fidelity Trust transformed M&T into a $100 million institution led by Lewis G. Harriman, Fidelity’s young president aged 36. Influential stakeholders included A. H. Schoellkopf from the Niagara Mohawk power dynasty and James V. Forrestal—later U.S. Secretary of Defense—who jointly controlled both organizations.
In 1961, M&T purchased an entire block on Main Street for $12 million to develop a skyscraper headquarters designed by Minoru Yamasaki, famed for his work on the World Trade Center; this building was completed in 1967. Charles W. Millard succeeded Harriman as chairman in 1964.
By 1969, shareholders established First Empire State Corporation to serve as a multi-bank holding company. When assets reached $2 billion with 60 offices by 1983, Robert G. Wilmers was appointed chairman and CEO—a role he held until his death in 2017. In 1995, First Empire launched its national bank subsidiary under the name M&T Bank, N.A.
21st century
During the 2008 financial crisis, M&T received $600 million from the United States Treasury through the Troubled Asset Relief Program (TARP) and took on an additional $482 million in TARP liabilities via acquisitions. By 2012, it had repaid $700 million of these funds.
In June 2014, a federal judge mandated that M&T Bank forfeit $560,000 laundered through its Perry Hall, Maryland branch after a teller violated the Bank Secrecy Act of 1970 by processing large cash transactions without submitting necessary reports.
Following Robert G. Wilmers’ passing on December 16, 2017, non-executive chairman Robert T. Brady assumed interim chairman and CEO duties. René F. Jones was then appointed chairman and CEO on December 20, marking an important leadership change.
In 2021 alone, M&T donated $33.9 million to more than 3,000 nonprofit groups across eight states plus Washington D.C., contributing over $279.4 million during the last decade and more than $437.5 million over twenty years.
May 2022 saw M&T introduce a $25 million Amplify Fund aimed at supporting economically disadvantaged communities and underrepresented populations primarily within Connecticut and other northeastern states formerly served by People’s United Bank; approximately $9 to $11 million is expected to be allocated in its inaugural year across about 60-70 organizations.
In August 2022, M&T enlisted NFL athlete Stefon Diggs as a brand ambassador for its “Football Brings Us Together” campaign to bolster brand visibility through sports marketing initiatives.
October 2022 marked the opening of M&T’s Multicultural Banking Center in East Hartford, Connecticut, part of a network encompassing 118 multicultural branches focused on expanding services to diverse customer segments.
For the fourth year running in 2022, M&T earned recognition as one of the Best Places to Work for Disability Inclusion by the Disability Equality Index (DEI), underscoring its dedication to fostering an inclusive workplace environment.
Mergers and acquisitions
From 1945 through 1966, M&T completed the purchase of 18 regional banks. Its expansion continued between 1987 and 2022 with the acquisition of an additional 24 financial entities.
1920s
- December 1925: merged with Fidelity Trust Company, forming Manufacturers and Traders Trust Company
- May 1927: took over People's Bank of Buffalo
1940s
- June 1945: acquired First National Bank located in Kenmore
- October 1945: took control of Citizens National Bank in Lancaster
- December 1945: purchased American Bank in Lackawanna
1980s
- December 1987: added East New York Savings to its portfolio, gaining 15 branches across metropolitan New York City
1990s
- January 1990: gained $486 million in deposits and 11 branches from Monroe Savings Bank in Rochester, New York
- September 1990: acquired $1.3 billion in deposits and 13 branches from Empire of America Savings Bank based in Buffalo
- May 1991: took over Goldome Bank (formerly Buffalo Savings Bank) with $2.1 billion in deposits and 14 branches
- July 1992: purchased Central Trust of Rochester, New York with assets totaling $1.1 billion, along with Endicott Trust of Binghamton, New York holding $300 million in assets
- December 1994: acquired $146 million in deposits from Hudson Valley branches of Chemical Bank; also gained $470 million in assets and $339 million in deposits from Ithaca Bancorp
- July 1995: absorbed Hudson Valley branches previously owned by Chase Manhattan
- January 1997: expanded by acquiring Green Point Bank branches within Westchester, New York
- April 1998: incorporated OnBank from Syracuse, New York
- June 1999: took over First National Bank of Rochester
- September 1999: acquired 29 Chase Bank branches located in Buffalo, Jamestown, and Binghamton
These transactions exemplify M&T’s deliberate strategy to enhance market presence and broaden its regional coverage.
2000s
- October 2000: acquired Keystone Financial based in Central Pennsylvania
- February 2001: purchased Premier Nation Bancorp of Newburgh, New York
- April 2003: completed acquisition of Allfirst Bank from Baltimore, a subsidiary of Allied Irish Banks (AIB), through an exchange involving 26.7 million shares plus $886 million in cash; AIB divested its remaining 22% ownership stake in M&T by 2010 as required by Irish regulators
- June 2006: added to its network by acquiring 21 Citibank branches across Buffalo and Rochester, New York
- December 2007: purchased Partners Trust Financial Group for $555 million, integrating its 33 upstate New York branches
- December 2007: acquired a dozen First Horizon National Corporation branches serving the Washington, D.C., and Baltimore areas
- May 2009: completed stock-based acquisition of Provident Bank of Maryland
- August 2009: following the FDIC takeover of Bradford Bank, assumed all deposits and most assets while agreeing to share future losses on $338 million worth of assets with the FDIC
2010s
- November 2010: acquired K Bank operating in Baltimore, Maryland
- May 2011: purchased Wilmington Trust for $351 million paid in stock
- August 2012: announced plans to acquire Hudson City Bancorp for $3.7 billion; this added $25 billion in deposits, $28 billion in loans, and a total of 135 branches including 97 located throughout New Jersey; the transaction experienced a three-year delay due to a money laundering investigation involving an M&T branch before closing on November 2, 2015
2020s
- In April 2022, M&T finalized the purchase of People's United Bank through an all-stock deal valued near $8.3 billion, enhancing M&T’s market presence and broadening its banking operations.