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:
- Community development lending and investing: Building on
its leadership in community-focused lending and investing, M&T
intends to invest $11.95 billion in
community development activities, including the Low-Income Housing
Tax Credit, New Market Tax Credit and Small Business Investment
Company programs as well as provide greater access to capital for
underserved communities through impact equity investments.
- Homeownership and affordable housing: Recognizing the
importance of home ownership to individuals and communities,
M&T plans to provide $8.8 billion
in home purchase lending for LMI households and communities,
minority households and majority-minority communities and will
expand its mortgage product offerings. M&T also plans to invest
$7 billion in the development of
multi-family, affordable and workforce housing across its expanded
footprint.
- Small-business lending and counseling: M&T will
increase its lending to small businesses, providing $10.5 billion targeting programs and products
that benefit businesses in LMI and minority communities. M&T
will also develop and implement programs that increase access to
education, resources and capital for minority- and women-owned
small businesses and start-up entrepreneurs.
- Financial support and services: To help ensure all
customers and communities have access to the financial support and
services they need, M&T has launched a new financial education
initiative, will expand the availability of both its Bank On
certified checking account and secured credit card and will invest
in its growing multicultural banking program to develop products
and services accessible to underserved individuals and those with
limited English proficiency.
- Multicultural banking: M&T anticipates designating
as many as 115 branches throughout its expanded footprint as
multicultural banking centers, in which bilingual branch staff can
support the banking needs of the bank's non-English-speaking
customers and offer guidance in their preferred language. The bank
recently launched a Spanish-language version of its website, added
Chinese and Korean to the languages available on its ATMs,
developed financial education materials in Spanish and plans to
offer customers the ability to schedule online appointments in six
different languages.
- Access to services: The bank will also identify ways to
enhance customers' access to its services in rural and urban areas
where there is a limited presence of financial institutions.
Approaches may vary by community, but could include mobile
distribution, financial education seminars, partnerships with local
community organizations or placing ATMs in those communities.
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
MDILLON@WilmingtonTrust.com
New Jersey, Connecticut and New
York City:
David Samberg
(201) 368-4515
dsamberg@mtb.com
New York (excluding
NYC):
Julia Berchou
(716) 842-5385
jberchou@mtb.com
Delaware, Maryland, Pennsylvania, Virginia and Washington, DC:
Scott Graham
(410) 244-4097
sgraham1@mtb.com
© 2021 M&T Bank. Member FDIC.
NMLS ID # 381076 Equal Housing Lender
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SOURCE M&T Bank