M&T Increases Prime Rate

Rhea-AI Summary

M&T Bank (NYSE: MTB) will raise its prime lending rate from 5.50% to 6.25%, effective September 22, 2022. This adjustment reflects ongoing economic conditions and aims to enhance the bank's financial performance. M&T Bank, headquartered in Buffalo, NY, operates across 12 states and provides various banking products and services, alongside trust-related services via Wilmington Trust-affiliated companies.

Positive

• Increase in prime lending rate may lead to higher interest income
• Potentially improves bank's overall financial performance

Negative

• Higher lending rates could deter borrowing by consumers and businesses

BUFFALO, N.Y., Sept. 21, 2022 /PRNewswire/ -- Effective Thursday, September 22, 2022, M&T Bank (NYSE:MTB) will increase its prime lending rate from 5.50% to 6.25%

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 September 22, 2022?

M&T Bank will increase its prime lending rate from 5.50% to 6.25%.

How does the increase in prime lending rate affect M&T Bank (MTB)?

The increase may enhance M&T Bank's interest income but could also discourage borrowing.

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

The announcement was made on September 21, 2022.

Where is M&T Bank headquartered?

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