M&T Bank Corporation'is a New York business corporation which is registered
as a bank holding company under the Bank Holding Company Act of 1956, as amended
('BHCA') and under Article'III-A of the New York Banking Law ('Banking Law').
The principal executive offices of the Registrant are located at One M&T Plaza,
Buffalo, New York 14203.
M&T Bank Corporation had two wholly owned bank subsidiaries: Manufacturers
and Traders Trust Company ('M&T Bank') and M&T Bank, National Association
('M&T Bank, N.A.'). The banks collectively offer a wide range of commercial
banking, trust and investment services to their customers.
M&T Bank offers a broad range of financial services to a diverse base of
consumers, businesses, professional clients, governmental entities and financial
institutions located in its markets. Lending is largely focused on consumers
residing in New York State, Pennsylvania, Maryland, northern Virginia and Washington,
D.C., and on small and medium-size businesses based in those areas. In addition,
the Company conducts lending activities in other states through various subsidiaries.
M&T Bank and certain of its subsidiaries also offer commercial mortgage
loans secured by income producing properties or properties used by borrowers
in a trade or business. Additional financial services are provided through other
operating subsidiaries of the Company.
M&T Life Insurance Company ('M&T Life Insurance'), a wholly owned subsidiary
of M&T, was incorporated as an Arizona business corporation in January 1984.
M&T Life Insurance is a captive credit reinsurer which reinsures credit
life and accident and health insurance purchased by the Company's consumer loan
customers.
Highland Lease Corporation ('Highland Lease'), a wholly owned subsidiary of
M&T Bank, was incorporated as a New York business corporation in October
1994. Highland Lease is a consumer leasing company with headquarters at One
M&T Plaza, Buffalo, New York 14203.
M&T Credit Corporation ('M&T Credit'), a wholly owned subsidiary of
M&T Bank, was incorporated as a New York business corporation in April 1994.
M&T Credit is a credit and leasing company offering consumer loans and commercial
loans and leases.
M&T Financial Corporation ('M&T Financial'), a New York business corporation,
is a wholly owned subsidiary of M&T Bank which specializes in capital-equipment
leasing.
M&T Investment Company, Inc. ('M&T Investment Company'), a wholly owned
subsidiary of M&T Bank, was incorporated as a New Jersey business corporation
in December 1999. Operated as a New Jersey investment company, M&T Investment
Company owns all of the outstanding common stock and 87.9% of the preferred
stock of M&T Real Estate Trust.
M&T Mortgage Corporation ('M&T Mortgage'), a wholly owned mortgage
banking subsidiary of M&T Bank, was incorporated as a New York business
corporation in November 1991. M&T Mortgage's principal activities are comprised
of the origination of residential mortgage loans and providing residential mortgage
loan servicing to M&T Bank, M&T Bank, N.A. and others. M&T Mortgage
operates throughout New York State, Maryland and Pennsylvania, and also maintains
branch offices in Arizona, California, Colorado, Idaho, Nevada, New Jersey,
Ohio, Oregon, Utah, Virginia and Washington.
M&T Mortgage Reinsurance Company, Inc. ('M&T Reinsurance'), a wholly
owned subsidiary of M&T Bank, was incorporated as a Vermont business corporation
in July 1999. M&T Reinsurance enters into reinsurance contracts with insurance
companies who insure against the risk of a mortgage borrower's payment default
in connection with M&T Mortgage-related mortgage loans.
M&T Real Estate Trust ('M&T Real Estate') is a subsidiary of M&T
Investment Company. M&T Real Estate, Inc., a New York business corporation
incorporated in July 1995, was merged in July 2003 with and into Allfirst Mortgage
Trust, a Maryland real estate investment trust which was a subsidiary of Allfirst
formed in July 1999. Simultaneously with the merger, Allfirst Mortgage Trust
was renamed M&T Real Estate. M&T Real Estate engages in commercial real
estate lending and provides loan servicing to M&T Bank and others.
M&T Realty Capital Corporation ('M&T Realty Capital'), a wholly owned
subsidiary of M&T Bank, was originally incorporated as Allfirst Mortgage
Corporation, a Maryland corporation in October 1973. Allfirst Mortgage Corporation
was a wholly owned subsidiary of Allfirst.
M&T Securities, Inc. ('M&T Securities') is a wholly owned subsidiary
of M&T Bank that was incorporated as a New York business corporation in
November 1985. M&T Securities is registered as a broker/dealer under the
Securities Exchange Act of 1934, as amended, as an investment advisor under
the Investment Advisors Act of 1940, as amended, and is licensed as a life insurance
agent in each state where M&T Bank operates branch offices and in a number
of other states.
Matthews, Bartlett & Dedecker, Inc. ('MBD'), a wholly owned insurance agency
subsidiary of M&T Bank, was incorporated as a New York corporation in March
1955. MBD provides insurance agency services principally to the commercial market.
M&T Auto Receivables I, LLC ('M&T Auto Receivables'), a wholly owned
consolidated subsidiary of M&T Bank, was formed as a Delaware limited liability
company in May 2002. M&T Auto Receivables is a special purpose entity whose
activities are generally restricted to purchasing and owning automobile loans
for the purpose of securing a revolving asset-backed structured borrowing with
an unaffiliated conduit lender.
MTB Investment Advisors, Inc. ('MTB Investment Advisors'), a wholly owned subsidiary
of M&T Bank, was originally incorporated as Allied Investment Advisors,
Inc., a Maryland corporation, on June'30, 1995. Allied Investment Advisors,
Inc., was a wholly owned subsidiary of Allfirst Bank.
Competition
The Company competes in offering commercial and personal financial services
with other banking institutions and with firms in a number of other industries,
such as thrift institutions, credit unions, personal loan companies, sales finance
companies, leasing companies, securities firms and insurance companies. Furthermore,
diversified financial services companies are able to offer a combination of
these services to their customers on a nationwide basis. The Company's operations
are significantly impacted by state and federal regulations applicable to the
banking industry. Moreover, the provisions of Gramm-Leach may increase competition
among diversified financial services providers, and the Interstate Banking Act
and the Banking Law may further ease entry into New York State by out-of-state
banking institutions. As a result, the number of financial services providers
and banking institutions with which the Company competes may grow in the future.