People's Bank of Buffalo

M&T Bank Corporation
	File:M&T Bank logo.svg Logo of M&T Bank Corporation
Company type	Public company
Industry	Banking, Financial services
Predecessor	Manufacturers and Traders Trust Company, First Empire State Corporation (prior to May 1998)
Founded	August 29, 1856; 170 years ago in Buffalo, New York, U.S.
Founder	Pascal Pratt, Bronson Rumsey
Headquarters	Buffalo, New York, United States
Area served	Eastern United States (12 states plus Washington D.C.)
Key people	René F. Jones (Chairman and CEO)
Products	Banking, corporate and institutional services, private banking, investment management, fiduciary services
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. It operates a network exceeding 950 branches throughout 12 states plus 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 delivered quarterly profits. Along with Northern Trust, it was among the rare institutions within the S&P 500 that maintained dividend payments throughout the 2008 financial crisis, demonstrating robust financial health and a durable business model.

The corporation owns several landmark properties such as the Buffalo Savings Bank building, Connecticut’s Bridgeport Center, and the M&T Tech Hub located in Seneca One Tower. It also sponsors significant sports facilities including M&T Bank Stadium, home field of the Baltimore Ravens, and acts as the official banking partner for the Buffalo Bills and their stadium, Highmark Stadium.

Wilmington Trust, a subsidiary under M&T Bank Corporation, extends its reach globally by offering corporate and institutional services along with private banking, investment management, and fiduciary solutions.

19th century

During the mid-1800s, Buffalo’s manufacturing sector had limited access to banking services. In response, entrepreneurs Pascal Pratt and Bronson Rumsey established M&T Bank in 1856 under the name "Manufacturers and Traders Trust Company." Henry Martin, formerly president of the Attica and Buffalo Railroad, was appointed as the first president, earning an annual salary of $1,000. The bank commenced operations on August 29 at 2 East Swan Street in Buffalo. When Martin retired in 1885 at age 83, Pascal Pratt—who had served as Vice President since inception—assumed leadership.

20th century

A new headquarters was constructed by M&T in 1901 near Main and Swan Streets in Buffalo, designed by architect E. B. Green. By 1914, Robert Livingston Fryer had become president. In 1917, Harry T. Ramsdell, serving as the bank’s fourth president, played a role in supporting the national Liberty Loan campaign.

The 1925 merger with Fidelity Trust resulted in a combined entity valued at $100 million led by Fidelity’s President Lewis G. Harriman. Harriman and investors from prominent families such as A. H. Schoellkopf and James V. Forrestal held controlling interests in both organizations.

In 1961, M&T acquired property on Main Street in Buffalo to construct a $12 million skyscraper designed by Minoru Yamasaki—famed for his work on the World Trade Center. Completed in 1967, this building became M&T’s new headquarters. Charles W. Millard succeeded Harriman as chairman in 1964.

Stockholders created First Empire State Corporation in 1969 as a multi-bank holding company. By 1983, with assets totaling $2 billion across 60 branches, Robert G. Wilmers was appointed chairman and CEO—a position he held until his passing in 2017. In 1995, First Empire formed M&T Bank, N.A., a national bank subsidiary.

21st century

In 2008, M&T received $600 million from the United States Treasury through the Troubled Asset Relief Program (TARP) and assumed an additional $482 million of TARP liabilities via acquisitions. By 2012, it had repaid $700 million of these funds.

In June 2014, M&T was required to forfeit $560,000 laundered through its Perry Hall, Maryland branch after employees failed to comply with the Bank Secrecy Act of 1970 by neglecting to submit necessary currency transaction reports.

Following Robert G. Wilmers’ death on December 16, 2017, non-executive chairman Robert T. Brady stepped in as acting chairman and CEO. René F. Jones was named chairman and CEO shortly thereafter on December 20, 2017.

In 2021 alone, M&T contributed $33.9 million to more than 3,000 nonprofit entities across eight states plus Washington D.C. Over ten years, donations exceeded $279 million; over two decades total giving surpassed $437 million.

May 2022 saw M&T initiate a $25 million Amplify Fund aimed at supporting economically disadvantaged communities and underrepresented groups primarily within Connecticut and other northeastern states previously served by People’s United operations. This fund intends to back between 60 and 70 organizations over three years.

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

October 2022 marked the opening of M&T’s Multicultural Banking Center 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 as one of the Best Places to Work for Disability Inclusion according to the Disability Equality Index (DEI).

Mergers and acquisitions

From 1945 through 1966, M&T completed the purchase of 18 regional banks. Between 1987 and 2022, the company further grew by acquiring 24 institutions, significantly increasing its market share and expanding its regional footprint.

1920s

December 1925: merged with Fidelity Trust Company to form Manufacturers and Traders Trust Company
May 1927: took over People's Bank of Buffalo

1940s

June 1945: acquired First National Bank of Kenmore
October 1945: purchased Citizens National Bank of Lancaster
December 1945: absorbed American Bank of Lackawanna

1980s

December 1987: acquired East New York Savings, incorporating 15 branches within the greater New York City area

1990s

January 1990: gained $486 million in deposits along with 11 Rochester locations from Monroe Savings Bank
September 1990: acquired $1.3 billion in deposits and 13 offices from Empire of America Savings Bank
May 1991: obtained $2.1 billion in deposits and 14 branches from Goldome Bank
July 1992: expanded regional presence by acquiring Central Trust of Rochester, New York with $1.1 billion in assets and Endicott Trust of Binghamton, New York with $300 million in assets
December 1994: secured $146 million in deposits from Hudson Valley branches of Chemical Bank, plus $470 million in assets and $339 million in deposits from Ithaca Bancorp
July 1995: acquired Hudson Valley branches from Chase Manhattan
January 1997: purchased Green Point Bank branches located in Westchester, New York
April 1998: acquired OnBank based in Syracuse, New York
June 1999: took over First National Bank of Rochester
September 1999: expanded market reach by acquiring 29 Chase Bank branches throughout Buffalo, Jamestown, and Binghamton

2000s

October 2000: acquired Keystone Financial operating in Central Pennsylvania
February 2001: purchased Premier Nation Bancorp headquartered in Newburgh, New York
April 2003: completed acquisition of Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks, through issuance of 26.7 million M&T shares plus $886 million cash; Allied Irish Banks divested its remaining 22% stake by 2010 under Irish regulatory directives
June 2006: acquired 21 Citibank branches situated in Buffalo and Rochester, New York
December 2007: purchased Partners Trust Financial Group for $555 million, adding 33 branches across upstate New York
December 2007: took over 12 branches from First Horizon National Corporation within the Washington, D.C., and Baltimore regions
May 2009: acquired Provident Bank of Maryland via stock exchange
August 2009: following FDIC seizure of Bradford Bank, M&T assumed all deposits and majority assets; agreed to share potential losses on $338 million worth of Bradford assets with FDIC

2010s

November 2010: acquired K Bank located in Baltimore, Maryland
May 2011: completed purchase of Wilmington Trust for $351 million paid in stock
August 2012: announced agreement to acquire Hudson City Bancorp for $3.7 billion; transaction added $25 billion in deposits, $28 billion in loans, and incorporated 135 branches including 97 within New Jersey. The acquisition faced a three-year delay due to a money laundering probe involving an M&T branch before closing on November 2, 2015.

2020s

In April 2022, M&T finalized its purchase of People's United Bank through an all-stock deal valued near $8.3 billion, enhancing its market presence and reinforcing its leadership in the Northeast banking sector.

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