M&T Bank Expands Community Investment with New $25 Million 'Amplify Fund'

Rhea-AI Summary

M&T Bank Corporation (NYSE: MTB) has launched the Amplify Fund, a $25 million philanthropic initiative aimed at supporting low- and moderate-income communities in Connecticut and New England. This fund, part of M&T's first major philanthropic effort following its merger with People's United Financial, will be allocated over three years. Initial funding of $9-$11 million is expected by the end of 2022. The Amplify Fund will focus on community development and environmental justice, guided by local leaders' input and community needs.

Positive

• Launch of the $25 million Amplify Fund aimed at community support.
• Focus on low- and moderate-income communities and underrepresented populations.
• Initial allocation of $9-$11 million by the end of 2022 suggests commitment to rapid deployment.

Negative

• None.

First significant philanthropic effort by M&T Bank across the former People's United footprint

BUFFALO, N.Y., May 18, 2022 /PRNewswire/ -- Following the completion of its merger with People's United Financial Inc. (People's United) in April, M&T Bank Corporation (NYSE: MTB) ("M&T") today launched the Amplify Fund – a new $25 million philanthropic investment to provide further support in the legacy People's United communities throughout Connecticut, the larger New England market and New York. The Fund is powered by the M&T Bank Charitable Foundation in the first significant philanthropic effort by M&T Bank across the former People's United Bank footprint. The Amplify Fund is a one-time supplemental charitable program, which will be deployed over three years to benefit low- and moderate-income communities and underrepresented populations using a racial equity and justice lens.

"Investing in communities by understanding their specific needs and issues is the hallmark of our approach as a community-focused bank. Input from local leaders and community organizations will continue to be key to our success, as we bring our collective influence and resources together to make a meaningful difference in people's lives," said Mike Keegan, M&T senior executive vice president and head of community banking. "The Amplify Fund is one more example of how we live out our values to enable and empower our customers and communities to thrive."

The areas of focus for the Fund will align with M&T's existing priorities, including community development and innovation, in addition to the previously announced Community Growth Plan and Community Reinvestment Act (CRA) eligibility standards. Regional representatives of the bank will continue to meet with local leaders to help inform the strategic direction for the future of the Fund's giving efforts.

The Fund is designed to drive sustainable impact that is equitable, accessible and responsive to local needs. M&T will identify organizations through a formal Letter of Interest (LOI) and subsequent Request for Proposal (RFP) process. The key topic areas, developed using input from local leaders and organizations, include:

• Connecticut: Mission-Driven investments (e.g., organizational capacity, programmatic initiatives)
• New England (CT, NY, MA, ME, NH, VT): Organizations and coalitions with projects that address environmental justice and equity initiatives
• New York: Organizations involved in community or tenant organizations with a historic connection to the community development movement

The initial phase of the deployment will commit $9-11 million of the full $25 million by the end of 2022, with additional phases over the remaining two years.

M&T will release more information and RFP-related instructions in the coming weeks for organizations interested in applying for grants at https://www3.mtb.com/amplifyfund.

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 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 on M&T Bank, visit www.mtb.com.  

Media Contacts:
National Media, Trade Publications and Buffalo, NY:
Julia Berchou
(716) 842-5385
jberchou@mtb.com

Upstate New York (Rochester, Syracuse, Albany, Southern tier, Hudson Valley)
David Lanzillo
(716) 842-5139
dlanzillo@mtb.com

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

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

Information may contain forward-looking statements regarding M&T Bank Corporation ("M&T") within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that do not describe historical or current facts are forward-looking statements, including statements regarding M&T's expectations or predictions of future financial or business performance or conditions as well as statements regarding the potential effects of the COVID-19 pandemic on M&T's business, financial condition, liquidity and results of operations.

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-bank-expands-community-investment-with-new-25-million-amplify-fund-301550087.html

SOURCE M&T Bank Corporation

FAQ

What is the Amplify Fund launched by M&T Bank?

The Amplify Fund is a $25 million philanthropic investment to support low- and moderate-income communities in Connecticut and New England.

How much money will M&T Bank allocate initially from the Amplify Fund?

M&T Bank plans to allocate $9-$11 million from the Amplify Fund by the end of 2022.

What communities will benefit from the Amplify Fund?

The Amplify Fund will benefit communities in Connecticut and New England, focusing on low and moderate-income populations.

When was the Amplify Fund announced?

The Amplify Fund was announced on May 18, 2022.

What are the key focus areas of the Amplify Fund?

Key focus areas include community development, environmental justice, and initiatives that address racial equity.