M&T Bank Corp. - MTB STOCK NEWS

M&T Bank has appointed Mike Keegan as Executive Vice President and Head of Community Markets. This newly created role aims to enhance the bank's community engagement and optimize service delivery across its 19 regions. Keegan, who has over 25 years of experience at M&T, will report to Richard Gold, the bank's President and COO. The initiative focuses on localizing strategies to meet community needs and reinforces the bank's commitment to tailored banking solutions, addressing unique market characteristics.

M&T Bank Corporation (MTB) and People's United Financial (PBCTP) have received shareholder approval for their merger, marking a significant step in creating the 11th largest U.S. bank with assets near $200 billion. The merger is expected to enhance service capabilities across 12 states from Maine to Virginia, bolstering a network of over 1,100 branches and 2,000 ATMs. Both companies are poised to meet regulatory requirements and other closing conditions swiftly. M&T's CEO will continue to lead the combined entity, emphasizing shared values and customer commitment.

M&T Bank Corporation (NYSE: MTB) announced that it approved over 58,000 business customers for approximately $9.8 billion in funding through the Paycheck Protection Program (PPP). The bank has nearly disbursed these funds to businesses employing more than 850,000 people. The average loan size was $164,410, with over 70% of loans being under $100,000. M&T expanded its SBA loan team from 20 to over 2,000 employees to expedite the loan approval process. Additionally, M&T's charitable foundation awarded $35 million to over 2,800 nonprofits in 2020.

M&T Bank Corporation (NYSE: MTB) announced the hiring of Brian Klock as senior vice president, effective May 17, 2021. Klock will transition to head of Markets and Investor Relations on January 1, 2022. Joining from Keefe, Bruyette & Woods, he brings over 30 years of experience in financial services and investor relations. Klock's role will enhance M&T's communication strategies and address market competition. M&T is known for its consistent profitability, recently merging with People's United Bank to create a $200 billion asset banking franchise.

M&T Bank Corporation (NYSE: MTB) declared a quarterly cash dividend of $1.10 per share on its common stock, payable on June 30, 2021. Shareholders of record as of June 1, 2021 will receive the dividend. The announcement reflects M&T's commitment to returning value to its shareholders while maintaining its operational presence across several states including New York, Maryland, and Pennsylvania. M&T continues to focus on its banking and trust-related services to bolster its market position.

M&T Bank has launched a collaborative workspace within the Tech Hub at Seneca One in Buffalo, investing nearly $58 million to create a 330,000-square foot facility aimed at fostering the region's tech ecosystem.

The initiative is set to generate over 1,000 jobs over the next three to five years as the bank expands its technology capabilities. The Tech Hub is expected to attract various tech firms and startups, providing training and job opportunities for local talent and contributing to the community's inclusive growth.

M&T Bank Corporation has appointed John D'Angelo as the first Director of its newly established Environmental, Social, and Governance (ESG) Office. As an Executive Vice President, D'Angelo will report to Chairman and CEO René Jones and lead the bank's efforts in corporate responsibility and sustainability. His previous role was Chief Risk Officer, where he oversaw governance and risk management. D'Angelo emphasized the importance of integrating ESG factors into business strategy to benefit stakeholders. Michael Todaro succeeds him as Chief Risk Officer.

M&T Bank Corporation (MTB) reported robust financial results for Q1 2021, achieving diluted EPS of $3.33, up 73% year-over-year and slightly down from $3.52 in Q4 2020. Net income increased to $447 million, 66% higher than Q1 2020, but 5% lower than the previous quarter. The bank's Common Equity Tier 1 Capital Ratio rose to 10.4%. Notable growth was observed in residential mortgage banking and trust revenues, while net interest income remained stable despite a decrease in net interest margin. M&T's allowance for credit losses totaled $1.64 billion, reflecting cautious optimism as the economy recovers from the pandemic.

M&T Bank CEO René Jones, in his annual Message to Shareholders, highlighted the significant challenges faced in 2020, including the pandemic's toll resulting in 111,000 deaths in the bank's service areas and substantial job losses. He emphasized M&T's proactive response, deploying $7 billion in PPP funds to support 35,000 local businesses and protect over 765,000 jobs. Jones underscored the heightened responsibility to serve diverse communities amid social and economic unrest, advocating for corporate social responsibility and inclusivity within the bank's leadership. M&T's Tech Hub in Buffalo is set to foster innovation and support local economic growth.