At a Glance
"Very flexible in terms of work hours"
"Tremendous focus on efficiency"
"Work is needed" for retaining minorities
"Slow to adopt new technologies"
About M&T Bank
M&T Bank has been headquartered in Buffalo, N.Y., since 1856 when the Manufacturers and Traders Bank opened for business. Today, M&T trades on the New York Stock Exchange under its own name and symbol, MTB, which represents its holding company’s current title, M&T Bank Corporation.
From its base in Buffalo, M&T has extended its reach through New York, Maryland, Pennsylvania, Virginia, West Virginia, Delaware, New Jersey and Washington, D.C. With more than 750 branches, more than 1,800 ATMs and approximately $68.4 billion in assets as of March 31, 2010, M&T has become one of the top regional banks in the U.S.
M&T offers commercial and retail banking services to individuals, businesses, institutions and governments agencies, and also provides mortgage banking, investment advisory, securities trading, mutual fund sales, brokerage services, asset management, leasing, trust services, community development loans and reinsurance. The company’s philanthropic activities are carried out through the M&T Charitable Foundation.
Though M&T bank is often known as a regional bank, it became an international entity in 2008 when it opened its first non-domestic office. The company announced plans to open a commercial banking office in Ontario to further expand its business beyond the border. M&T Bank hopes to take advantage of the U.S.-Canadian trade relationship, as roughly 30 percent of all of the two countries’ trades cross the border in the Buffalo region. John McLeod will be the principal officer for the Canadian office.
Moving into Maryland
In 2009, M&T Bank Corporation significantly expanded its regional reach by completing the acquisition of Maryland-based Provident Bankshares Corporation. The acquisition was completed via a stock-for-stock transaction worth approximately $274 million. As a result of the merger, M&T gained Provident’s $6.4 billion in assets as well as 143 additional branches and 198 ATMs in the Maryland and Virginia region. The bank also took on $4.3 billion of loans from Provident’s loan portfolio and $4.6 billion in deposits, giving M&T the second largest deposit share in Maryland and tripling its presence in Virginia.
Not long before M&T Bank acquired Provident, it made a smaller acquisition in the Baltimore area. In July 2008, M&T Securities acquired Peremel & Company, a brokerage business formerly owned by PNC Investments. Peremel had assets of more than $700 million and approximately 6,000 clients at the time of the acquisition. Peremel’s employees were added to the team already in place in M&T Securities’ Baltimore office.
One M&T Plaza
Buffalo, NY 14203
Phone: (716) 842-5445
Employer Type: Public
Stock Symbol: MTB
Stock Exchange: NYSE
Chairman & CEO: Robert G. Wilmers
2010 Employees (All Locations): 13,803