M&T Bank Receives “Outstanding” Rating on Community Reinvestment Act Review | WIVT


BUFFALO, NY, July 22, 2021 – M&T Bank (NYSE: MTB) has again received an “outstanding” Community Reinvestment Act (CRA) rating from the Federal Reserve Bank of New York – a streak of highest rating of the regulatory agency for meeting the credit needs of banking communities since 1982.

Latest review results reflect the bank’s performance in community development between October 1, 2014 and December 31, 2019, and its mortgage and small business lending performance between January 1, 2014 and December 31, 2014. 2018.

He rated the bank’s performance in 50 different assessment areas in 10 states – Connecticut, Delaware, Florida, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia and West Virginia.

The review recognized M&T as “a leader in providing community development loans” during the review period, and said the bank was “responsive to the needs of the community” and “responding to the needs of the community. its areas of assessment “.

Streak of “Excellent” ratings underscores M & T’s unwavering commitment to the communities it serves – even as the bank has grown organically and through 25 acquisitions to serve much of the Mid-Atlantic and North -East.

“We strongly believe that M&T Bank is a bank for all communities, and this latest recognition of our outstanding CRA performance is validation of the hard work our employees put into serving these communities every day,” said Rene Jones , Chairman and CEO of M&T Bank. “As we prepare to expand into new communities in the years to come, we will remain committed to providing the same exceptional level of service, investment and opportunity to individuals in all of the communities we serve. “

In the latest ARC review report, the Federal Reserve noted M & T’s performance in the following areas:
• Intensive use of innovative or flexible products that have served to increase the level of lending in low to moderate income (LMI) geographic areas and to LMI borrowers;
• Significant use of innovative and / or complex investments to support community development initiatives;
• Excellent level of qualified community development investments and grants, especially those not routinely provided by private investors, often in leadership positions;
• Excellent responsiveness to credit and community development needs; and,
• Delivery systems were easily accessible

“We are extremely proud to once again achieve the highest possible rating for our CRA performance,” said Brad Dossinger, ARC Manager, M&T Bank. “The vitality of all the communities we serve has always been our goal, and we will continue to develop and support programs and initiatives that strengthen small businesses, community development, access to affordable housing and education. financial for all. “

Here are some of the programs and initiatives available to LMI geographies and LMI borrowers that were highlighted in the bank’s latest ARC report:

• In June 2018, M&T introduced a business credit card with credit limits as low as $ 2,000 available to nonprofits, which typically target LMI personal services. The card has no annual fee and an introductory 12-month interest rate of 0%.
• In September 2019, M&T launched its “Home Starter” loan program designed for borrowers who purchase a home in a specified LMI census tract or whose income was equal to or less than 80% of the median income for the area of ​​the Department. American Housing and Urban Development (HUD). . There are no restrictions on lending in these designated areas, and refinancing is permitted. The product offers a competitive interest rate, a 3% down payment, no mortgage insurance premiums paid by the borrower, and the ability to fund most closing costs.

The CRA review report also recognized M & T’s commitment to charitable giving throughout its footprint. Each year, the bank disburses approximately $ 35 million to numerous nonprofit partners who help underserved people and communities.

For more information on M & T’s commitment to its communities, see the bank’s first environmental, social and governance (ESG) report released earlier this year.

The Community Reinvestment Act of 1977 was enacted by Congress to encourage financial institutions to meet the credit needs of the communities in which they operate, especially low to moderate income neighborhoods.

The CRA review measures a number of factors, including the depth of a bank’s community development lending, the distribution of small business and housing mortgages in the communities served by the bank, the availability of branches and banking services in LMI neighborhoods and the bank’s commitment to providing “community development services”.

The bank’s ARC performance was reviewed using the Federal Financial Institutions Review Council’s Interagency ARC procedures for large institutions, which consist of a loan test, an investment test, and a service test.

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