PR Newswire
BUFFALO, N.Y., Oct. 25, 2021
BUFFALO, N.Y., Oct. 25, 2021 /PRNewswire/ -- M&T Bank Corporation (NYSE: MTB) ("M&T") announced today its plan to provide $43 billion in loans, investments, and other financial support to create greater economic opportunity for low-to-moderate income (LMI) families and neighborhoods, as well as people and communities of color. The bank's five-year Community Growth Plan has been developed in collaboration with the National Community Reinvestment Coalition (NCRC) in conjunction with M&T's proposed acquisition of People's United Financial Inc. (People's United Bank) and will become operational shortly after closing of the transaction.
M&T's plan includes $23 billion in loans for home purchases, home equity and small businesses and another $20 billion for community development initiatives and affordable housing. These significant investments will cover communities the bank currently serves as well as those it would expand into through M&T's proposed acquisition of People's United Bank.
"At its core, M&T is a bank with a deep commitment to serve our communities and make a difference in people's lives," said Rene Jones, M&T Bank Chairman and CEO. "We are also committed to taking action to help address inequities that have existed for years. This plan is another step in our journey to orient ourselves around what our communities need most."
The plan expands M&T's ongoing commitment to supporting people, businesses and communities where it operates. Dating back to 1982, M&T has earned the Federal Reserve Bank of New York's highest possible rating on its Community Reinvestment Act (CRA) exams that assess how the bank meets the needs of its communities.
Since March, members of M&T's leadership team have met with the NCRC and its member organizations in the bank's current and growth markets to identify pressing needs and consider how M&T can help increase the flow of capital to historically underserved communities. M&T will continue to work with the NCRC and its members, other community groups and public officials to address these existing and emerging needs in the future.
"We appreciate M&T Bank's initiative and dialog with NCRC members to develop a community growth plan that makes significant contributions to increased investments, lending and access to affordable homes in low-to-moderate income and communities of color in its existing footprint and anticipated new markets," said NCRC CEO Jesse Van Tol. "M&T's plan provides a unique opportunity to help improve the lives of people living and working in historically disadvantaged communities."
M&T's plan addresses key areas of need identified during its meetings with community leaders, including:
Other initiatives include providing a framework for increasing business opportunities for diverse suppliers, community development focused philanthropy, investments supporting renewable energy and other programs totaling approximately $5 billion.
Said M&T's Jones: "Development of our community growth plan has benefited from our collaboration with Jesse and his team at NCRC. Jesse's leadership has helped to galvanize a plan that we believe will benefit communities we serve throughout our footprint as well as in communities we hope to serve."
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
About NCRC
The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America's working families. More: www.ncrc.org
Media Contacts:
National Media and Trade Publications:
Maya Dillon
(646) 735-1958
[email protected]
New Jersey, Connecticut and New York City:
David Samberg
(201) 368-4515
[email protected]
New York (excluding NYC):
Julia Berchou
(716) 842-5385
[email protected]
Delaware, Maryland, Pennsylvania, Virginia and Washington, DC:
Scott Graham
(410) 244-4097
[email protected]
© 2021 M&T Bank. Member FDIC. NMLS ID # 381076 Equal Housing Lender
View original content:https://www.prnewswire.com/news-releases/mt-bank-outlines-43-billion-community-growth-plan-to-support-underserved-communities-of-color-and-small-businesses-301407619.html
SOURCE M&T Bank
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