M&T Increases Prime Rate

Rhea-AI Summary

M&T Bank (NYSE:MTB) announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This adjustment reflects the bank's response to varying economic conditions and market trends. M&T Bank operates in 12 states across the eastern U.S., providing a range of banking products and services. The company is headquartered in Buffalo, New York, and is a member of FDIC.

Positive

• M&T Bank is raising its prime lending rate, potentially increasing interest income.
• The bank operates across 12 states, enhancing its market reach.

Negative

• The rise in prime lending rate might lead to reduced borrower demand for loans.

BUFFALO, N.Y., March 22, 2023 /PRNewswire/ -- Effective Thursday, March 23, 2023, M&T Bank (NYSE:MTB) will increase its prime lending rate from 7.75% to 8.00%.

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, provides banking products and services in 12 states across the eastern 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.

© 2023 M&T Bank. Member FDIC.

Media Contact:
Maya Dillon
646-735-1958
mdillon@wilmingtontrust.com

 

 

 

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SOURCE M&T Bank

FAQ

What is the new prime lending rate for M&T Bank as of March 2023?

M&T Bank's new prime lending rate is 8.00%, effective March 23, 2023.

When did M&T Bank announce the increase in its prime lending rate?

M&T Bank announced the increase on March 22, 2023.

How does the prime lending rate increase affect M&T Bank's customers?

The increase may lead to higher borrowing costs for customers, which could reduce loan demand.

Where is M&T Bank headquartered?

M&T Bank is headquartered in Buffalo, New York.