M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. It operates more than 800 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, Washington, DC, and Connecticut.
M&T is ranked #455 on the Fortune 500 and is on the list of largest banks in the United States.
M&T Bank has been profitable in every quarter since 1976. Other than Northern Trust, M&T was the only bank in the S&P 500 stock market index not to lower its dividend during the financial crisis of 2007-2008.
The bank owns the original Buffalo Savings Bank building in downtown Buffalo. M&T Bank also sponsors M&T Bank Stadium, home of the Baltimore Ravens. M&T Bank is the official bank of the Buffalo Bills in Western New York and of their home Stadium New Era Field in Orchard Park, New York
Wilmington Trust is a subsidiary of M&T Bank Corporation, offering global corporate and institutional services, private banking, investment management, and fiduciary services.
M&T is a member of the Real Estate Board of New York.
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History
M&T was founded in 1856 in Western New York state as "Manufacturers and Traders Trust Company"
From 1987 to 2009, M&T Bank acquired 20 companies.
In December 1987, M&T Bank acquired East New York Savings.
In January 1989, M&T Bank acquired Monroe Savings Bank of Rochester, New York.
In September 1990, M&T Bank acquired part of the Assets of Empire of America Savings bank in Buffalo, New York along with KeyBank and others.
In May 1991, M&T Bank acquired part of the Assets of Golddome Bank in Buffalo, New York along with KeyBank and others.
In July 1992, M&T Bank acquired Central Trust and Endicott Trust of Rochester, New York and Binghamton, New York.
In December 1994, M&T acquired Chemical Bank branches of Hudson Valley, New York and Ithaca Bancorp of Ithaca, New York.
In July 1995, M&T acquired Chase Manhattan branches of Hudson Valley, New York.
In January 1997, M&T acquired Green Point Bank branches of Westchester, New York.
In June 1999, M&T acquired First National Bank of Rochester of Rochester, New York.
In 1998, M&T Bank acquired the assets of OnBank in Syracuse, New York.
In September 1999, M&T Bank acquired 29 Chase Bank Branches of Buffalo, Jamestown, and Binghamton, New York.
In October 2000, M&T Bank acquired Keystone Financial of Central Pennsylvania.
In February 2001, M&T Bank acquired Premier Nation Bancorp.
In April 2003, M&T Bank acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks of Ireland, in exchange for 26.7 million shares of M&T and $886 million in cash. At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in 2010.
On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, New York.
In December 2007, M&T Bank acquired Partners Trust Financial Group, which included 33 branches in upstate New York, for $555 million.
In December 2007, M&T completed the purchase of 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.
In May 2009, M&T Bank acquired Provident Bank of Maryland in a stock transaction.
On August 28, 2009, the Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank, and sold all its deposits and most assets to M&T. M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.
In May 2011, M&T completed the acquisition of Wilmington Trust for $351 million in stock.
On August 27, 2012, M&T announced its intention to purchase Hudson City Bancorp for $3.7 billion, including $25 billion in deposits and $28 billion in loans, plus 135 brick-and-mortar branch locations including 97 in New Jersey. The acquisition was delayed for 3 years due to a money laundering case involving an M&T branch and the acquisition closed on November 2, 2015.
In 2008, M&T received a $600 million investment by the United States Treasury as a result of the Troubled Asset Relief Program (TARP) and M&T assumed another $482 million in TARP obligations from its acquisitions. In 2011, the bank repaid $700 million of TARP funds.
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Legal issues
Money laundering
In June 2014, a U.S. District Judge ordered M&T Bank to forfeit $560,000 in drug proceeds that was laundered through its Perry Hall, Maryland, branch. At least eight times from 2011 to 2013, Deanna Bailey, a drug dealer, went to the branch and had head teller Sabrina Fitts convert cash -- amounts from $20,000 to $100,000 -- into larger bills. Fitts accepted a 1 percent transaction fee in exchange for not filing a Currency Transaction Report. This violated the Bank Secrecy Act of 1970 which requires all transactions of more than $10,000 to be reported to the Internal Revenue Service.
M&T Bank's acquisition of Hudson City Bancorp was held up for more than three years by the Federal Reserve Board, which was unconvinced that the bank's anti-laundering controls were strong enough.
Source of the article : Wikipedia
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