M&T Bank

In the mid-19th century, few banking options existed for the growing number of manufacturers in the city of Buffalo. As a result, businessmen Pascal Pratt and Brownson Rumsey founded M&T Bank in 1856 as "Manufacturers and Traders Trust Company".[6] The company opened its first office on August 29 of that year at 2 East Swan Street in Buffalo.[7]

In 1983, Robert G. Wilmers was named Chairman and CEO, a position he held until his death in December 2017.[7]

Between 1987 and 2009, M&T Bank acquired 20 financial institutions, as follows:[8]

• December 1987: East New York Savings of New York City
• January 1989: Monroe Savings Bank of Rochester, New York
• September 1990: Assets of Empire of America Savings Bank of Buffalo (along with KeyBank and others)
• May 1991: Assets of Goldome Bank of Buffalo (along with KeyBank and others)
• July 1992: Central Trust and Endicott Trust of Rochester, New York and Binghamton, New York.[9]
• December 1994: Hudson Valley branches of Chemical Bank; New York and Ithaca Bancorp of Ithaca, New York.
• July 1995: Hudson Valley branches of Chase Manhattan
• January 1997: Green Point Bank branches of Westchester, New York
• June 1999: First National Bank of Rochester
• April 1998: OnBank of Syracuse, New York[10]
• September 1999: 29 Chase Bank Branches in Buffalo, Jamestown, and Binghamton[11]
• October 2000: Keystone Financial of Central Pennsylvania[12]
• February 2001: Premier Nation Bancorp of Newburgh[13]
• April 2003: 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.[14][15] At the direction of Irish government financial regulators, AIB sold its 22% ownership interest in M&T in 2010.[16]
• July 2006: 21 Citibank branches in Buffalo and Rochester[17]
• December 2007: Partners Trust Financial Group, including 33 branches in upstate New York, for $555 million.[18]
• December 2007: 12 First Horizon National Corporation branches in the greater Washington D.C. and Baltimore markets.[19]
• May 2009: Provident Bank of Maryland in a stock transaction.[20]
• August 2009: The Federal Deposit Insurance Corporation (FDIC) seized Bradford Bank and sold all its deposits and most assets to M&T.[21] M&T and the FDIC agreed to share future losses on $338 million worth of Bradford's assets.[22]

In May 2011, M&T acquired Wilmington Trust for $351 million in stock.[23]

On August 27, 2012, M&T announced the acquisition of Hudson City Bancorp for $3.7 billion. The bank had $25 billion in deposits and $28 billion in loans and 135 brick-and-mortar branch locations including 97 in New Jersey.[24] 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.[25][26]

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.[27] In 2011, the bank repaid $700 million of TARP funds.[27]

On December 16, 2017, Robert Wilmers died and non-Executive Chairman Robert T. Brady became acting Chairman and CEO.[28] On December 20, 2017, René F. Jones was appointed Chairman and Chief Executive Officer.

On February 22, 2021, M&T Bank announced an agreement to acquire People's United Bank in an all-stock transaction valued at approximately $7.6 billion.[29][30][31] The acquisition was completed on April 2, 2022.[32]

• Official website

• Business data for M&T Bank:
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