M&T Increases Prime Rate

Rhea-AI Summary

M&T Bank will increase its prime lending rate from 7.00% to 7.50% effective December 15, 2022. This change reflects the bank's adjustments to current market conditions and interest rate trends.

Operating primarily in the eastern U.S., M&T Bank provides a comprehensive range of banking products and services in 12 states and Washington, D.C., enhancing its position in the financial sector.

Positive

• M&T Bank's prime lending rate increase may enhance net interest margins.

Negative

• The increase in prime rate could deter borrowing, potentially impacting loan demand.

BUFFALO, N.Y., Dec. 14, 2022 /PRNewswire/ -- Effective Thursday, December 15, 2022, M&T Bank (NYSE:MTB) will increase its prime lending rate from 7.00% to 7.50% 

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.

© 2022 M&T Bank. Member FDIC.

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

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SOURCE M&T Bank Corporation

FAQ

What is the new prime lending rate for M&T Bank effective December 15, 2022?

M&T Bank's new prime lending rate will be 7.50%, increased from 7.00%.

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

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

What factors influence M&T Bank's decision to change its prime lending rate?

The decision is influenced by market conditions and overall interest rate trends.