Full Description

M&T Bank Corporation (M&T), incorporated in November 1969, is a bank holding company. As of December 31, 2008, the Company had two wholly owned bank subsidiaries: M&T Bank and M&T Bank, National Association (M&T Bank, N.A.). The Banks offer a range of commercial banking, trust and investment services to its customers. M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia and the District of Columbia. M&T operates in six segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking. Effective November 1, 2008, M&T Investment Company of Delaware, Inc., previously a wholly owned subsidiary of M&T Bank, was merged into M&T Bank. On May 23, 2009, M&T announced that it has completed its acquisition of Provident Bankshares Corp. and the merger of Provident Bankshares Corp.'s banking subsidiary, Provident Bank, into M&T Bank. 135 former Provident Bank branches are reopening as branches of M&T Bank, and 190 Provident automated teller machines (ATMs) have been converted to M&T Bank ATMs.

As a commercial bank, M&T Bank offers a range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in its markets. Lending is focused on consumers residing in New York State, Pennsylvania, Maryland, northern Virginia and Washington, D.C., and on small and medium-size businesses based in those areas, residential and commercial real estate loans are originated through lending offices in six other states. In addition, the Company conducts lending activities in various states through other subsidiaries. M&T Bank and certain of its subsidiaries also offer commercial mortgage loans secured by income producing properties or properties used by borrowers in a trade or business. Additional financial services are provided through other operating subsidiaries of the Company.

M&T Life Insurance Company (M&T Life Insurance) is a wholly owned subsidiary of M&T. M&T Life Insurance is a captive credit reinsurer, which reinsures credit life and accident and health insurance purchased by the Company’s consumer loan customers. M&T Credit Services, LLC (M&T Credit) is a wholly owned subsidiary of M&T Bank. M&T Credit is a credit and leasing company offering consumer loans and commercial loans and leases.

M&T Insurance Agency, Inc. (M&T Insurance Agency), a wholly owned insurance agency subsidiary of M&T Bank, provides insurance agency services principally to the commercial market. M&T Mortgage Reinsurance Company, Inc. (M&T Reinsurance), a wholly owned subsidiary of M&T Bank. M&T Reinsurance enters into reinsurance contracts with insurance companies who insure against the risk of a mortgage borrower’s payment default in connection with M&T Mortgage-related mortgage loans. M&T Real Estate Trust (M&T Real Estate) is a real estate investment trust and a subsidiary of M&T Investment. M&T Real Estate was formed through the merger of two separate subsidiaries, but traces its origin to M&T Real Estate, Inc. M&T Real Estate engages in commercial real estate lending and provides loan servicing to M&T Bank.

M&T Realty Capital Corporation (M&T Realty Capital) is a wholly owned subsidiary of M&T Bank. M&T Realty Capital engages in multi-family commercial real estate lending and provides loan servicing to purchasers of the loans it originates. M&T Securities, Inc. (M&T Securities) is a wholly owned subsidiary of M&T Bank. M&T Securities is licensed as a life insurance agent in each state where M&T Bank operates branch offices and in a number of other states. It provides securities brokerage, investment advisory and insurance services. MTB Investment Advisors, Inc. (MTB Investment Advisors) is a wholly owned subsidiary of M&T Bank. MTB Investment Advisors serves as investment advisor to the MTB Group of Funds, a family of mutual funds and institutional clients.

The Business Banking segment provides a range of services to small businesses and professionals through the Company’s branch network, business banking centers and other delivery channels, such as telephone banking, Internet banking and automated teller machines within markets served by the Company. Services provided by this segment include various business loans and leases, including loans guaranteed by the Small Business Administration, business credit cards, deposit products, and financial services, such as cash management, payroll and direct deposit, merchant credit card and letters of credit.

The Commercial Banking segment provides a range of credit products and banking services for middle-market and large commercial customers, within the markets served by the Company. Services provided by this segment include commercial lending and leasing, deposit products, and cash management services. The Commercial Real Estate segment provides credit and deposit services to its customers. Real estate securing loans in this segment is located in the New York City metropolitan area, upstate New York, Pennsylvania, Maryland, the District of Columbia, Delaware, Virginia, West Virginia, and the northwestern portion of the United States. Commercial real estate loans may be secured by apartment/multifamily buildings; office, retail and industrial space, or other types of collateral.

The Discretionary Portfolio segment includes investment and trading securities, residential mortgage loans and other assets; short-term and long-term borrowed funds; brokered certificates of deposit and interest rate swap agreements related thereto, and offshore branch deposits. This segment also provides foreign exchange services to customers. The Residential Mortgage Banking segment originates and services residential mortgage loans and sells substantially all of those loans in the secondary market to investors or to the Discretionary Portfolio segment. This segment also originates and services loans to developers of residential real estate properties.

The Retail Banking segment offers a range of services to consumers through several delivery channels, which include branch offices, automated teller machines, telephone banking and Internet banking. Credit services offered by this segment include consumer installment loans, student loans, automobile loans (originated both directly and indirectly through dealers), and home equity loans and lines of credit. The segment also offers to its customers deposit products, including demand, savings and time accounts; investment products, including mutual funds and annuities, and other services.