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M&T Bank Decreases Prime Rate

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M&T Bank (NYSE: MTB) has announced a decrease in its prime lending rate. The rate will be reduced from 8.00% to 7.75%, effective Friday, November 8, 2024.

M&T Bank (NYSE: MTB) ha annunciato una diminuzione del suo tasso di interesse principale. Il tasso sarà ridotto dall'8,00% al 7,75%, con effetto da venerdì 8 novembre 2024.

M&T Bank (NYSE: MTB) ha anunciado una disminución en su tasa de interés preferencial. La tasa se reducirá del 8.00% al 7.75%, a partir del viernes 8 de noviembre de 2024.

M&T Bank (NYSE: MTB)는 우대 대출 금리를 인하한다고 발표했습니다. 금리는 8.00%에서 7.75%로 인하되며, 2024년 11월 8일 금요일부터 적용됩니다.

M&T Bank (NYSE: MTB) a annoncé une baisse de son taux d'intérêt préférentiel. Le taux sera réduit de 8,00% à 7,75%, à compter de vendredi 8 novembre 2024.

M&T Bank (NYSE: MTB) hat eine Senkung seines Basiszinssatzes angekündigt. Der Zinssatz wird von 8,00% auf 7,75% gesenkt, wirksam ab Freitag, dem 8. November 2024.

Positive
  • Prime rate reduction of 25 basis points indicates potential lower borrowing costs for customers
Negative
  • Lower prime rate may reduce interest income and potentially impact profit margins

Insights

The 0.25% reduction in M&T Bank's prime rate is a significant move that follows the Federal Reserve's broader monetary policy direction. This decrease will directly impact the bank's lending business, potentially stimulating loan demand while slightly compressing net interest margins. The lower prime rate means reduced interest income on variable-rate loans, but could drive higher loan volumes and help maintain competitiveness in the banking sector. For existing borrowers with variable-rate loans, this translates to lower monthly payments. The move signals M&T's response to market conditions and suggests potential further rate adjustments in the banking sector.

The timing aligns with market expectations of monetary easing, though this could pressure M&T's interest income in the near term. However, increased loan activity could offset some margin compression, particularly in commercial and consumer lending segments.

BUFFALO, N.Y., Nov. 7, 2024 /PRNewswire/ -- Effective Friday, November 8, 2024, M&T Bank Corporation ("M&T") (NYSE: MTB) will decrease its prime lending rate from 8.00% to 7.75%.

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 with a branch and ATM network spanning 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. For more information about M&T Bank, visit www.mtb.com.

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 with a branch and ATM network spanning 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. For more information about M&T Bank, visit www.mtb.com

© 2024 M&T Bank. Member FDIC. NMLS# 381076 Equal Housing Lender. 

Investor Contact:
Brian Klock
(716) 842-5138

Media Contact:
Frank Lentini
(929) 651-0447
flentini@mtb.com

M&T Bank Corporation

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-bank-decreases-prime-rate-302299347.html

SOURCE M&T Bank Corporation

FAQ

What is M&T Bank's (MTB) new prime rate as of November 8, 2024?

M&T Bank's new prime rate will be 7.75%, effective November 8, 2024.

How much did M&T Bank (MTB) decrease its prime rate in November 2024?

M&T Bank decreased its prime rate by 25 basis points, from 8.00% to 7.75%.

When will M&T Bank's (MTB) prime rate decrease take effect?

M&T Bank's prime rate decrease will take effect on Friday, November 8, 2024.

M&T Bank Corp.

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