M&T Increases Prime Rate

Rhea-AI Summary

M&T (NYSE: MTB) announced an increase in its prime lending rate from 3.50% to 4.00%, effective May 5, 2022. This adjustment reflects changes in the economic environment and the bank's overall lending strategy. As a financial holding company based in Buffalo, New York, M&T Bank operates across 12 states, providing various banking services. This rise in prime rates may impact borrowing costs for customers, potentially influencing the bank's loan demand and profitability.

Positive

• Increase in prime lending rate could lead to higher interest income.

Negative

• Higher prime rate may reduce borrowing demand among consumers.

BUFFALO, N.Y., May 4, 2022 /PRNewswire/ -- Effective Thursday, May 5, 2022, M&T (NYSE:MTB) will increase its prime lending rate from 3.50% to 4.00%.

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. 

© 2022 M&T Bank. Member FDIC.

Media Contact:
Julia Berchou
716-842-5385
jberchou@mtb.com

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/mt-increases-prime-rate-301540115.html

SOURCE M&T Bank

FAQ

What is the new prime lending rate for MTB?

M&T has increased its prime lending rate from 3.50% to 4.00%.

When did M&T Bank increase its prime rate?

The prime rate increase is effective from May 5, 2022.

How does the prime lending rate impact MTB's business?

An increase in the prime rate could potentially lead to higher interest income but may also reduce borrowing demand.

Where is M&T Bank headquartered?

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

In how many states does MTB operate?

M&T Bank provides services in 12 states across the eastern U.S.