M&T Bank Chairman and CEO René Jones Speaks to Serving Communities and Driving Positive Change in Annual Letter

Rhea-AI Summary

M&T Bank's Chair and CEO, René Jones, shared an annual letter addressing shareholders on March 8, 2023. The letter reviews the bank's financial performance amid tough economic conditions and reflects on lessons learned from the merger with People's United Bank. Jones emphasizes the resilience of M&T's employees during crises, including a mass shooting and blizzards affecting their Buffalo headquarters. He also discusses the challenges posed by inflation, highlighting its impact on financially vulnerable customers. Jones concludes by stressing the importance of community-focused banking and the bank's commitment to rebuilding trust with its customers.

Positive

• M&T Bank demonstrated financial resilience in a challenging macroeconomic environment.
• The merger with People's United Bank offers valuable insights and an ongoing commitment to customer trust.

Negative

• Inflation continues to affect financially vulnerable customers, indicating potential economic risks ahead.

BUFFALO, N.Y., March 8, 2023 /PRNewswire/ -- M&T Bank Chair and CEO René Jones released his letter to shareholders, an annual tradition featuring candid insights on the banking industry and the communities in which M&T operates, which now extend through most of the Northeast U.S.

This year's letter provides frank comments on a variety of topics, including:

• Insights into the bank's annual financial performance amidst challenging macroeconomic conditions.
• Honest and transparent reflections on the learnings from the recent merger with People's United Bank and the bank's ongoing commitment to rebuilding trust with affected customers.
• Highlights of the resilience and dedication of M&T Bank's employees during extreme times of crisis, including a tragic mass shooting and two blizzards in its headquarters in Buffalo, New York. Actions that demonstrate the Bank's mission and purpose following challenging events in its community.
• An examination of customer trends including current impacts of inflation.

"Over the past year, the impact of inflation is clearly visible for the financially vulnerable", said Jones. He goes on to say: "…if the gap between their income growth and price increases continues even at its present pace, it would not be a welcome trend. None of this is to say a soft landing is not possible… Rather, we are reminded that economic cycles persist and that we and our customers are preparing for what might lie ahead."

Concluding the letter, Jones says, "This past year … we learned a great deal about the world and about how we can improve our bank to better serve our customers. A community-focused banking model fails quickly without model community bankers who work tirelessly to cultivate customer relationships and then work harder, still, to figure out what matters to a community and how they might then solve a problem and make a difference. We learned that our mettle would continue to be tested—often by circumstances that would have seemed unimaginable—but that the indomitable spirit of a community—of our M&T community—cannot be broken."

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 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.

Media Contacts:

National Media, Trade Publications and New England:
Maya Dillon
(646)735-1958
mdillon@wilmingtontrust.com

Western New York:
Thea Pecht
(716) 512-4448
tpecht@mtb.com

Upstate New York (excluding Buffalo):
Dave Lanzillo
(716) 842-5139
dlanzillo@mtb.com 

New York Metro (NYC, Long Island and New Jersey):
David Samberg
(201) 368-4515
dsamberg@mtb.com

Mid-Atlantic (Delaware, Maryland, Pennsylvania, Virginia and Washington, DC):
Scott Graham 
(410) 244-4097
sgraham1@mtb.com

Wilmington Trust
Pat Fitzgibbons
(212) 350-2083
pfitzgibbons@wilmingtontrust.com

© 2023 M&T Bank. Member FDIC. NMLS# 381076 Equal Housing Lender.

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SOURCE M&T Bank Corporation

FAQ

What did René Jones discuss in his letter to shareholders on March 8, 2023?

René Jones addressed M&T Bank's financial performance, the merger with People's United Bank, employee resilience during crises, and the impact of inflation on customers.

How has inflation affected M&T Bank's customers according to the latest letter?

Inflation has notably impacted financially vulnerable customers, leading to concerns about their income growth relative to price increases.

What is M&T Bank's commitment following the merger with People's United Bank?

M&T Bank is committed to rebuilding trust with affected customers and learning from the merger experience.

How does M&T Bank's community-focused model benefit its customers?

The community-focused model strengthens relationships with customers and helps the bank understand and address community needs.