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Quick Facts

Phone Number:
1-800-724-2440
Bank Website:
mtb.com
Assets Managed:
$67.81 Billion
Headquarters:
Buffalo, NY
Date Established:
January 1st, 1856
Equal Housing Lender / Member FDIC
M&T Bank

Profile Information:

Bank Headquarters: Buffalo, New York, United States
Stock Symbol: MTB
CEO: Robert G. Wilmers

The M&T Bank was, up until 2007, a Fortune 500 banking company located out of Buffalo, New York. Founded in 1856 in New York State the bank has gone through many differing changes to become one of the twentieth largest banks in the United States of America with a total of $64.9B in assets. The bank has many branches across the Eastern United States most noticeable in New York, Delaware, Maryland and Washington DC.

The naming of the bank is an abbreviation of the banks full name, which is the Manufacturers and Traders Trust Company. The bank itself offers its customers a full range of services including commercial banking and like its name states trust and investment based services to consumers. M&T Bank has over 800 branches & 1,800 ATM's across the Eastern States.

In the late 2000’s the bank made some astute acquisitions of some of its competitors in the market and also banks in different areas to increase the range of the bank further into some of the neighboring states. Some notable acquisitions for the bank include the taking over of twenty one Citibank branches in New York State which includes the entire package of customers, staff and the branches themselves. This helped the bank become a bigger player in the traditional stronghold for the banking industry, New York.

These moves can be seen as positive for a company whose slogan, “understanding what is important”. The conservative yet safe acquisitions meant that the bank was able to get through the 2007-2009 banking crisis without having to take bailout money from the Federal Government. In fact the company’s stock remained stable throughout and never dipped below $72 in the timeframe, which is a massive difference from other banks that had their stocks hit the floor.

As a part of the company’s public profile they currently sponsor the M&T Bank Stadium which is home of the NFL team the Baltimore Ravens, located in Baltimore Maryland.

In 2010 the banks saw a massive increase in fourth-quarter profits which soared 34. This was the third straight quarter in which the banks profits had widened due to falling credit costs and the increase in customer base from some shrewd acquisitions when other banks were scrambling. The purchase of Baltimore-based Provident Bankshares Corp, which gave M&T $69.9 billion of assets and more than 800 branches in seven U.S. states, can be seen as a good move at a time in which banks were letting people go. The right tactic for expansion was to go the other way and try and acquire a bigger portfolio. The reported profits for the bank were estimated at being at around $136.8M. This tactic certainly seems to have worked.

Despite handling the crisis better than rivals, industry specialist are worried that the bank has not set aside enough money to cover bad loans after putting aside only $9M to cover the bad debts, this however will not be known until the end of the quarter when the bank publishes its next set of figures.







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Recent Banking Questions

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