M&T Bank

M&T Bank Corporation

Type	Public (NYSE: MTB)
Founded	1856
Headquarters	Buffalo, New York
Key people	Robert G. Wilmers, Chairman Mike Pinto, Vice Chairman Mark J. Czarnecki, President
Industry	Financial services
Products	Personal Banking, Business Banking, & Corporate Banking
Total assets	$64.9 billion (2009)
Employees	13,869 (2007)
Website	www.mtb.com

M&T Bank is an American commercial bank. It was founded in 1856 in western New York, and is today headquartered in Buffalo at One M & T Plaza. The parent company, M&T Bank Corporation, had $64.9 billion in assets as of March 31, 2009 and is one of the 20 largest bank holding companies in the U.S., with over 700 branches located in Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, New Jersey, and Washington, D.C.

The name M&T is an abbreviation of Manufacturers and Traders Trust Company. The bank also owns the original Buffalo Savings Bank (later Goldome, now defunct) building in Fountain Plaza, also located in downtown Buffalo. In 2003 M&T Bank acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks (NYSE: AIB). Allfirst was acquired by M&T after the John Rusnak currency trading scandal produced a loss of $691 million that was discovered in early 2002. Allfirst formed after AIB bought Dauphin Deposit Corp in Harrisburg, PA, and merged it with its First Maryland Bank and The York Bank. AIB controls 24.3% of M&T's outstanding shares as of December 31, 2007.

M&T Bank is the sponsor of M&T Bank Stadium, the current home of the Baltimore Ravens.

M&T Bank completed the acquisition of 21 New York Citibank branches in Buffalo and Rochester on July 1, 2006. The branches, employees, and accounts held at those branches all joined M&T Bank.

In July 2007, M&T Bank announced plans to acquire Partners Trust Financial Group, which includes 33 branches in Upstate New York. M&T Bank completed the acquisition on November 30, 2007.

M&T Bank Headqaurters, Buffalo

M&T is headquatered in 1 M&T plaza (above). In December 2008, M&T Bank announced its intention to purchase Baltimore-based Provident Bank. The acquisition was consummated in May 2009.^[1]

On August 28, 2009, the FDIC seized Bradford Bank, and sold all its deposits and most assets to M&T.^[2] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.^[3]

M&T ranked 496th on the Fortune 500 company list in 2007. In 2009, M&T fell to number 535 on the same list, but continues as one of the companies that comprises the S&P 500 stock index.

References

External links

• Official site
• M&T Money Market
• Site with photos of M&T's Gold Dome branch at Fountain Plaza in Buffalo.