M&T Bank Provides $1.22 Million to Community Revitalization Programs in Pennsylvania

Rhea-AI Summary

M&T Bank has provided $1.22 million to 42 initiatives in Pennsylvania through the state's Neighborhood Assistance Program (NAP). The bank's contributions represent a more than 45% increase over the previous fiscal year. M&T's funding supports projects in distressed communities and low-income neighborhoods, including affordable housing, community services, education, and job training. The bank has participated in the NAP program for over 20 years.

Positive

• M&T Bank's increased funding for initiatives in distressed communities shows their commitment to supporting the communities they serve.
• The bank's contributions to the NAP program have increased by over 45% compared to the previous fiscal year.

Negative

• None.

Funding dedicated to 42 initiatives approved for state's Neighborhood Assistance Program

HARRISBURG, Pa., Sept. 27, 2023 /PRNewswire/ -- M&T Bank (NYSE: MTB) has provided $1.22 million this year to 42 initiatives aimed at serving distressed communities or low-income neighborhoods in Pennsylvania through the state's Neighborhood Assistance Program (NAP).

The NAP program provides tax credits to businesses like M&T that donate capital to support projects approved to receive NAP funding for affordable housing, community services, crime prevention, education, job training, food access, blight, special population issues, veterans' initiatives or long-term community revitalization.

"Supporting the communities we serve is at our core, and M&T stands firmly behind the Neighborhood Assistance Program – a catalyst for igniting dynamic revitalization efforts throughout the state," said Gail D'Angelo, M&T's Regional Community Reinvestment Act (CRA) Manager. "As our neighborhoods evolve, we're thrilled to join this year's cohort of partner organizations granted NAP approval to support the profound changes they will bring across Pennsylvania."

M&T provided funding for many initiatives across its Pennsylvania footprint including in the southeast, Philadelphia and central areas with contributions totaling $290,000, $300,000 and $230,000 respectively, for the fiscal year ending June 30, 2023.

The projects M&T helped support through the NAP include:

• $50,000 for The Working to Empower People for Advancement (WEPA) to establish a bilingual community-based workforce development center in the city of Lebanon;
• $50,000 for Diamond City Partnership, an economic development alliance working to transform downtown Wilkes-Barre;
• $30,000 for Affordable Housing Centers of Pennsylvania to provide housing counseling services to residents of West Philadelphia, where mortgage foreclosures are up and homeownership among Black residents is down;
• $25,000 to HDC Mid-Atlantic for the ongoing development of its College Avenue affordable housing project in Lancaster;
• $25,000 to Kutztown University Small Business Development Center to assist entrepreneurs and small-business owners gain access to the resources and information they need to launch or grow their businesses; and,
• $10,000 for Midwest Food Bank to provide food rescue and distribution to more than 137,000 hungry individuals in Central Pennsylvania.

M&T Bank has participated in the NAP program for more than 20 years, with increased contributions in each of the past three years. In the fiscal year ending June 30, 2023, the bank provided $1.22 million to 42 projects throughout the state, which represents a more than 45% increase over the previous fiscal year.

For more information about Pennsylvania's NAP tax credits and the complete list of projects approved for fiscal year 2023, please visit the Pennsylvania Department of Community & Economic Development website.

About M&T
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.

© 2023 M&T Bank. Member FDIC.

Media Contact:
Scott Graham
(410) 244-4097
sgraham1@mtb.com

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SOURCE M&T Bank