Manufacturers and Traders-People's Trust Company

M&T Bank Corporation

File:M&T Bank logo.svg Logo used since 2017
Company type	Public company
Industry	Banking
Founded	1 January 1856 (1856-01-01) in Buffalo, New York, U.S.
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, wealth management, corporate finance
Website	www.mtb.com

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 distributed throughout 12 states and Washington D.C., covering the Eastern United States from Maine down to Virginia. Prior to May 1998, the holding entity was known as First Empire State Corporation.

Since 1976, M&T Bank has consistently reported profits each quarter. Along with Northern Trust, it was among the rare financial institutions within the S&P 500 that maintained dividend payments throughout the 2008 economic downturn, reflecting its robust financial stability.

The bank holds ownership of significant properties such as the Buffalo Savings Bank building, Connecticut’s Bridgeport Center, and the M&T Tech Hub situated within the Seneca One Tower. It also sponsors prominent sports arenas including M&T Bank Stadium, home field of the Baltimore Ravens, and serves as the official banking partner for the Buffalo Bills and their stadium, Highmark Stadium.

Its subsidiary, Wilmington Trust, offers a broad range of services including global corporate and institutional solutions, private banking, investment management, and fiduciary responsibilities, thereby strengthening M&T’s presence in wealth management and corporate finance sectors.

19th century

Established in 1856 by entrepreneurs Pascal Pratt and Bronson Rumsey to address the limited banking services available to Buffalo’s manufacturing community, M&T Bank began as "Manufacturers and Traders Trust Company." Henry Martin, previously president of the Attica and Buffalo Railroad, was appointed as the inaugural president with an annual salary of $1,000. The bank’s first branch opened on August 29 at 2 East Swan Street in Buffalo. In 1885, upon reaching age 83, Martin retired and was succeeded by Pascal Pratt, who had been vice president since the bank’s founding.

20th century

A new headquarters was erected in 1901 near Main and Swan Streets in Buffalo, designed by architect E. B. Green. By 1914, leadership passed to Robert Livingston Fryer as president, followed in 1917 by Harry T. Ramsdell, who also chaired a district committee for Liberty Loan subscriptions.

The 1925 merger with Fidelity Trust elevated M&T’s assets to $100 million under Fidelity’s president Lewis G. Harriman. This expansion was supported by investors from notable families such as A. H. Schoellkopf and James V. Forrestal.

In 1961, M&T purchased a block on Main Street in downtown Buffalo to construct a new $12 million headquarters designed by Minoru Yamasaki, renowned for designing the World Trade Center; this building was completed in 1967. Charles W. Millard succeeded Harriman as chairman in 1964.

By 1969, shareholders created First Empire State Corporation as a multi-bank holding company. At that time, assets totaled $2 billion with 60 branches operating by 1983. Robert G. Wilmers assumed the roles of chairman and CEO at that point and led the organization until his death in 2017. In 1995, First Empire launched M&T Bank, N.A., a national bank subsidiary.

21st century

During the financial crisis of 2008, 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 government funds.

In June 2014, M&T Bank was mandated to return $560,000 connected to money laundering activities at its branch in Perry Hall, Maryland, involving breaches of the Bank Secrecy Act of 1970 committed by branch personnel.

Following Robert G. Wilmers’ passing on December 16, 2017, non-executive chairman Robert T. Brady stepped in as acting chairman and CEO. René F. Jones officially took over both roles on December 20, 2017.

By 2021, M&T had contributed $33.9 million to over 3,000 nonprofit organizations across eight states plus Washington D.C., accumulating more than $279.4 million over ten years and exceeding $437.5 million over two decades.

In May 2022, M&T introduced a $25 million Amplify Fund aimed at supporting economically disadvantaged communities and historically underserved populations primarily within Connecticut and northeastern states previously served by People’s United Bank. The initiative plans to assist between 60 and 70 organizations over a three-year period.

In August 2022, NFL athlete Stefon Diggs joined M&T as a brand ambassador for its “Football Brings Us Together” campaign.

October of that year marked the debut of M&T’s Multicultural Banking Center located in East Hartford, Connecticut, expanding its multicultural branch network to a total of 118 locations.

For the fourth year running in 2022, M&T earned recognition from the Disability Equality Index (DEI) as one of the Best Places to Work for Disability Inclusion.

Mergers and acquisitions

From 1945 through 1966, M&T expanded by purchasing 18 regional banks. The period from 1987 to 2022 saw the bank further grow through the acquisition of 24 additional financial entities.

1920s

• December 1925: combined operations with Fidelity Trust Company, forming the Manufacturers and Traders Trust Company
• May 1927: took over People's Bank of Buffalo

1940s

• June 1945: absorbed First National Bank of Kenmore
• October 1945: acquired Citizens National Bank located in Lancaster
• December 1945: incorporated American Bank of Lackawanna

1980s

• December 1987: purchased East New York Savings, which operated 15 branches within metropolitan New York City

1990s

• January 1990: gained $486 million in deposits along with 11 branches from Monroe Savings Bank in Rochester, New York
• September 1990: acquired $1.3 billion in deposits and 13 locations from Empire of America Savings Bank based in Buffalo
• May 1991: took over $2.1 billion in deposits and 14 branches from Goldome Bank of Buffalo
• July 1992: purchased Central Trust (holding $1.1 billion in assets) of Rochester, New York and Endicott Trust (with $300 million in assets) of Binghamton, New York
• December 1994: acquired $146 million in deposits from the Hudson Valley branches of Chemical Bank; also obtained $470 million in assets and $339 million in deposits from Ithaca Bancorp
• July 1995: took over Hudson Valley branches from Chase Manhattan
• January 1997: acquired Green Point Bank branches situated in Westchester, New York
• April 1998: purchased OnBank located in Syracuse, New York
• June 1999: acquired First National Bank of Rochester
• September 1999: took over 29 Chase Bank branches across Buffalo, Jamestown, and Binghamton

This series of acquisitions substantially boosted M&T's market presence and broadened its regional operations, strengthening its position within the competitive banking sector.

2000s

• October 2000: acquired Keystone Financial based in Central Pennsylvania
• February 2001: purchased Premier Nation Bancorp from Newburgh, New York
• April 2003: acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks (AIB), through a transaction involving 26.7 million M&T shares plus $886 million cash; AIB later relinquished its 22% ownership stake in M&T by 2010 due to regulatory requirements
• June 2006: took over 21 Citibank branches located in Buffalo and Rochester, New York
• December 2007: acquired Partners Trust Financial Group including its network of 33 branches across upstate New York for $555 million
• December 2007: purchased 12 branches from First Horizon National Corporation operating within the Washington, D.C., and Baltimore regions
• May 2009: completed acquisition of Provident Bank of Maryland via a stock deal
• August 2009: following FDIC seizure of Bradford Bank, M&T acquired all deposits and most assets; an agreement was made with FDIC to share potential future losses on $338 million worth of Bradford’s assets

2010s

• November 2010: integrated K Bank based in Baltimore, Maryland
• May 2011: completed acquisition of Wilmington Trust for $351 million paid in stock
• August 2012: announced purchase of Hudson City Bancorp valued at $3.7 billion, adding approximately $25 billion in deposits, $28 billion in loans, and expanding its branch network by 135 locations including 97 branches in New Jersey; this transaction experienced a delay of three years due to a money laundering investigation involving an M&T branch before finalizing on November 2, 2015

2020s

• In April 2022, M&T finalized an $8.3 billion acquisition of People's United Bank through an all-stock transaction, enhancing its market presence and broadening its banking portfolio.