M&T Bank Corporation is a United States bank holding company. Founded in 1856 in western New York state as "Manufacturers and Traders Trust Company", the company is today headquartered in Buffalo.
As of 2014, M&T Bank held $134.4 billion in assets, making it the 17th largest commercial bank holding company in the U.S. It operates more than 700 branches in New York, New Jersey, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and Washington, D.C. It also operates private wealth offices across the United States and in Europe.
Warren Buffett's Berkshire Hathaway financial investment syndicate owns 5.66% of M&T's shares. 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.
History
From 1987 to 2009, M&T Bank acquired 20 companies.
In 1998, M&T Bank acquired the assets of OnBank in Syracuse, New York.
In 2003, M&T Bank acquired Allfirst Bank of Baltimore, a subsidiary of Allied Irish Banks (NYSE: AIB) of Ireland. AIB formed Allfirst in 1999 by merging its newly acquired Dauphin Deposit Corp. in the state capital of Harrisburg, in Pennsylvania with two other recent properties: the old First National Bank of Maryland (later controlled by holding firm, First Maryland Bancorp) one of the top banks in Baltimore and Maryland, which it had acquired in 1997, and The York Bank of York, Pennsylvania. M&T's acquisition went through the year after Allfirst in its brief life was found to have lost $691 million in the John Rusnak currency trading scandal. The acquisition was M&T's largest, both in terms of assets acquired and as a percentage of M&T's prior asset size. At the direction of Irish government financial regulators, AIB sold off its 22% ownership of M&T in autumn 2010.
On July 1, 2006, M&T Bank completed the acquisition of 21 Citibank branches in Buffalo and Rochester, scooping up the branches, employees, and accounts held at those branches.
In July 2007, M&T Bank announced plans to acquire Partners Trust Financial Group, which included 33 branches in upstate New York. M&T Bank completed the acquisition on November 30, 2007.
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 December 2008, M&T Bank announced its intention to buy Baltimore-based Provident Bank of Maryland (formerly Provident Savings Bank of Baltimore City, established 1886), and completed the deal the following May.
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 a stock-for-stock transaction.
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.
Financial performance
M&T Bank has been profitable every quarter since the late 1970s. In the financial crisis of 2008 and 2009, M&T was one of only two banks in the S&P 500 that didn't lower its dividend.
In 2007, M&T ranked 496th on the Fortune 500 company list. In 2009, M&T fell to number 535 on the same list, but continued to be one of the companies on the S&P 500 stock index.
As of January 2012, M&T owed $381.5 million to the U.S. government Troubled Asset Relief Program. In August 2012, M&T bank repaid the U.S. government in full for the TARP bailout.
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 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 pending acquisition of Hudson City Bancorp has been held up for more than two years by the Federal Reserve Board, which is unconvinced that the bank's anti-laundering controls are strong enough.
References
External links
- Official site
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