M&T Bank Corp. - MTB STOCK NEWS

M&T Bank has appointed Frank Micalizzi as the new Bridgeport Regional President and Head of Commercial Banking for Connecticut, effective May 12, 2022. Micalizzi, who has been with M&T since 2009, is tasked with enhancing collaboration across business lines and advancing community banking activities. His previous experience includes roles at JP Morgan Chase and M&T’s Tarrytown branch. M&T Bank emphasizes localized service, with regional presidents making decisions that reflect the community's needs.

M&T Bank has appointed Tyré Robinson as the new Tarrytown Regional President, effective May 12, 2022. Robinson will oversee community banking activities and ensure collaboration across business lines to enhance customer value. Previously serving as Business Banking Lead, she has a strong track record in fostering relationships and promoting diversity. Her initiatives include the Brand Builder Program and the Equity One Sponsorship program aimed at increasing representation in leadership roles. Robinson brings a distinguished academic background with an MBA and JD from NYU.

M&T Bank has appointed Grace Lee as the Eastern Massachusetts Regional President and Group Lead of New England Government Banking. Lee, who has extensive experience in banking and public finance, will enhance M&T's localized service strategy across the region. Her appointment aligns with M&T's commitment to community engagement and tailoring services to meet customer needs. Lee previously held leadership roles at People's United and has a robust background in both public and private sectors.

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.

M&T Bank Corporation (NYSE: MTB) reported Q1 2022 earnings of $2.62 per share, down 21% from $3.33 a year earlier. Net income was $362 million, reflecting a decrease in net interest income to $907 million, primarily due to reduced loan balances and fewer days in the quarter. The bank successfully completed its acquisition of People's United Financial, improving its asset base to $149.9 billion. The Common Equity Tier 1 ratio remained strong at 11.6%. M&T managed to limit charge-offs to a minimal level, indicating robust credit quality amidst ongoing challenges.

M&T Bank Corporation (NYSE:MTB) declared a quarterly cash dividend of $0.3515625 per share on its Series H Preferred Stock. The dividend is scheduled for payment on June 15, 2022, to shareholders on record by the close of business on June 1, 2022. Headquartered in Buffalo, New York, M&T provides banking services across 12 states, from Maine to Virginia, and offers trust-related services through its Wilmington Trust affiliates.

M&T Bank is launching the Capital Region Multicultural Small Business Innovation Lab in partnership with Harrisburg University, aiming to support up to 40 multicultural entrepreneurs. This six-week program, beginning May 5, 2022, will cover essential business skills, culminating in a pitch competition with grants up to $5,000 available. Eligibility includes being a multicultural business owner with less than $350,000 in annual revenue. This initiative follows M&T's commitment to enhancing multicultural banking and fostering economic growth in the Capital Region.

M&T Bank Corporation has successfully completed the $8.3 billion acquisition of People's United Financial, creating a combined banking franchise valued at $200 billion. The merger integrates over 22,000 employees and expands the network to 1,000 branches and 2,200 ATMs across the Northeast and Mid-Atlantic. M&T aims to leverage People's United's footprint for growth, enhancing customer service while implementing a community growth plan to support underserved communities. The systems transition is expected in Q3 2022, with People's United stock ceasing trades after April 1, 2022.

M&T Bank will increase its prime lending rate from 3.25% to 3.50%, effective March 17, 2022. This adjustment aligns with broader economic trends and reflects changes in monetary policy. As a financial holding company headquartered in Buffalo, New York, M&T Bank operates in various states including New York, Maryland, and Pennsylvania. The prime rate is a critical indicator for borrowing costs affecting consumers and businesses.