M&T Bank
From Wikipedia, the free encyclopedia
| M&T Bank Corporation | |
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| Type | Public (NYSE: MTB) |
| Founded | 1856 |
| Headquarters | Buffalo, New York |
| Key people | Robert G. Wilmers, and Chairman & CEO; Mike Pinto, Vice Chairman; Mark J. Czarnecki, President |
| Industry | Financial services |
| Products | Personal Banking, Business Banking, & Corporate Banking |
| Total assets | $57.9 billion (2007) |
| Employees | 11,904 full-time, 1,448 part-time (2006) |
| Website | www.mtb.com |
M&T Bank (NYSE: MTB) is an American bank. It was founded in 1856 in western New York, and is today headquartered in Buffalo at One M & T Plaza. Its other major corporate office is located at One Fountain Plaza. The parent company, M&T Bank Corporation, has over $63 billion in assets as of 2007 and is one of the 20 largest bank holding companies in the U.S., with over 700 branches primarily in the states of Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, 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. AIB retained 24% of M&T stock.
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 ranks 496th on the Fortune 500 company list as of 2007.
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