BUFFALO, N.Y., June 16, 2017 /PRNewswire/ -- M&T Bank has received an "Outstanding" Community Reinvestment Act (CRA) rating from the New York State Department of Financial Services, representing the highest possible rating of how well the bank helps meet the credit needs of the entire community, including low-to-moderate income neighborhoods within New York State.
M&T has earned the highest rating awarded from the New York State Department of Financial Services since 1988.
"We've focused on investing in programs that support education, financial literacy, affordable housing and other community development activities to create opportunities for our neighbors," said M&T Bank Chairman and CEO Robert G. Wilmers. "We recognize that for a bank to do well over the long run, the communities it serves must also do well and that includes all neighborhoods of the community."
The New York State Department of Financial Services exam includes a review of the bank's overall lending—including a close look at home mortgages made across all income areas of the community—investments in community development, and service to the community.
M&T is one of the leading issuers of affordable home loans through the State of New York Mortgage Agency and also offers grants to first-time home buyers through the Federal Home Loan Bank of New York's First Home Club program.
"Our success in meeting the needs of our community depends on a team effort, from all of our employees to our valued community partners. We take this very seriously and it's something we have to continue to work hard at every day," said M&T Corporate CRA Officer Brad Dossinger.
The Community Reinvestment Act of 1977 was enacted by Congress to encourage financial institutions to meet the credit needs of all the communities in which they operate, especially low-to-moderate income neighborhoods.
About M&T Bank
M&T Bank Corporation (NYSE: MTB) ("M&T") is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
©2017 M&T Bank. Member FDIC. Equal Housing Lender.
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SOURCE M&T Bank