M&T Bank Earns 19th Consecutive 'Outstanding' Rating on Community Reinvestment Act Exam
M&T has earned the highest rating awarded by the
Major factors of the bank's performance cited by the
- The bank is a leader in making community development loans and in providing community development services;
- M&T provides an excellent level of qualified community development investments and grants, particularly those not routinely provided by private investors, and is often in a leadership position;
- Delivery systems are readily accessible to the bank's geographies and individuals of different income levels in its assessment areas; and
- Lending levels reflect good responsiveness to the assessment area's credit needs.
The exam highlighted 511 community development loans made by M&T over a period of 26 months for a total of more than
"We're proud of this achievement, which is a direct result of our culture at M&T - a culture centered on ensuring that all parts of the communities we serve do well," said
M&T's community reinvestment lending is part of an overall commitment to community involvement and volunteerism, with initiatives such as:
- M&T offers the
Federal Home Loan Bank of New York's" First Home Club" program to provide down payment and/or closing cost assistance to qualified first-time homebuyers who reside in, and are looking to purchase a home in New Yorkor New Jersey. The matched savings program provides a 3- to 1- match up to $7,500, to be applied towards a home down payment and closing costs. During the review period, M&T enrolled almost 1,800 clients in the First Home Cluband closed loans for 650 new low-to-moderate income first-time homebuyers.
- On an annual basis, for the past 31 years, the
M&T Charitable Foundationhas invested an average of 2.15% of the company's annual net income in our communities. This investment supports a diverse range of civic, cultural, health and human services organizations that are working to strengthen M&T communities.
- M&T employees actively strive to make their communities better places in which to live and work. In 2017, M&T employees volunteered more than 370,000 hours for more than 4,700 not-for-profit organizations across the company's footprint.
- M&T supports community volunteerism by granting all employees 40 hours of paid time each year to participate in volunteer and/or employee resource group activities of their choice.
- M&T is an active participant in the
Federal Home Loan Bank of New York's(FHLB) Affordable Housing Program (AHP). During the review period, M&T was successful in securing commitments for 24 new Affordable Housing Grant applications realizing $11.7 millionin grant funds. These projects created 1,179 units of affordable housing.
- M&T is the number one SBA lender in most of the large communities in which the bank operates, and a top 10 SBA lender nationally.
"Meeting the needs of our community is a responsibility that we take very seriously," said
The Community Reinvestment Act of 1977 was enacted by
The CRA exam measures a number of factors, including the depth of a bank's community development lending, the distribution of small business and home mortgage loans in communities served by the bank, the availability of bank branches and services in low-to-moderate income neighborhoods and the bank's commitment to offering "community development services."
The exam recognized M&T as a leader in community development services, including sponsoring and participating in a significant number of seminars and presentations relating to affordable mortgages, small business assistance, and other banking education throughout its geographic areas. M&T provided financial or volunteer assistance for 4,489 events, such as financial literacy seminars and mortgage education programs, during the assessment period.
The 2018 rating issued by the
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