BUFFALO, N.Y., Nov. 15, 2012 /PRNewswire/ -- M&T Bank ranked as the leading lender in Baltimore, Buffalo, Philadelphia, Rochester, Syracuse, Washington, D.C, and Wilmington and finished 6th nationally ranked by total loans made through the U.S. Small Business Administration's most popular loan program in the federal fiscal year ended September 30, 2011.
M&T issued 1,089 of the SBA's 7(a) loans for $121.8 million. The 7(a) program is the SBA's largest loan program providing operating capital to small business.
M&T has been the leading SBA lender in most of its core markets for more than a decade. M&T made 134 SBA 7(a) loans in the New York City District last year, ranking second in total loans. M&T recently announced plans to acquire Hudson City Savings Bank, which will make M&T the fifth largest bank by deposit share in the state of New Jersey.
While Hudson City Savings Bank has historically focused more of its lending on home mortgages, M&T Bank expects to add small business lending programs throughout the Hudson City branches pending final regulatory and shareholder approval of the merger.
The merger has been approved by the boards of directors of each company, and is subject to certain conditions, including regulatory approvals and approval by M&T's and Hudson City's common shareholders.
"Through our partnership with the SBA, we were able to invest almost $122 million to help small businesses in our communities start and grow businesses, creating new jobs," said Janet Coletti, senior vice president for business banking at M&T. "We look forward to the opportunity to extend our small business lending expertise into the 135 Hudson City Savings Bank branches in New Jersey, Connecticut and the New York City metro area."
Additional information about M&T's small business products and services can be found at www.mtb.com/business.
M&T Bank, founded in 1856, is one of the top 20 independent commercial bank holding companies in the nation, with $80 billion in assets and 750 branch offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia, and the District of Columbia. Read more about M&T Bank online at www.mtb.com/newsroom.
Media Contact Information:
Delaware: Megen Morris (302)651-1462
Maryland, Pennsylvania, Virginia, and Washington D.C.: Philip Hosmer (410)949-3042
New York: Chet Bridger (716)842-5182
SOURCE M&T Bank