Sept. 3, 2013
has received an "Outstanding" Community Reinvestment Act (CRA) rating from the
Federal Reserve Bank of New York
, representing the highest possible rating of how well the bank meets the needs of its communities in the areas of community development lending, small business lending, affordable housing finance, and banking and financial services.
M&T has earned the highest rating awarded by the Federal Reserve Bank on each of its period CRA exams since 1982, with the 2013 rating reflecting M&T's community development performance through
June 30, 2012
, and mortgage and small business lending performance through
December 31, 2011
. M&T's significant community reinvestment achievements cited during the 30-month exam period include:
- Extending 596 community development loans for a total of more than $3.2 billion. M&T's community development lending increased 10 percent on an annualized basis from its last examination.
- An outstanding investment performance displaying good responsiveness to community credit needs, with qualified investments totaling $465 million over the 30-month examination period.
- Of the total investments, $398 million supported the construction of affordable housing units, designed for individuals who earn less than 80 percent the U.S. average median income.
- Being a leader in community development services by providing financial or volunteer assistance for 3,586 events throughout the bank's geographic areas, such as financial literacy seminars and mortgage education programs.
"M&T has a long history of providing financing and investments that help expand the supply of affordable housing, support the growth of small businesses, facilitate the purchase and rehabilitation of housing for our neighbors and generate economic activity in our communities," said
, Corporate CRA Officer for M&T. "We get a tremendous return on these investments through the way they benefit our customers, our communities and the bank—M&T succeeds when our customers succeed."
M&T's community reinvestment lending is part of an overall commitment to community involvement and volunteerism, with efforts such as:
- M&T offers the Federal Home Loan Bank of New York's " First Home Club" program in over twenty-nine counties in its New York State assessment area. 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 2010 and 2011, M&T enrolled 796 clients in the First Home Club and closed loans for 312 new low-to-moderate income first-time homebuyers.
- M&T employees reported serving on the boards and committees of 430 community development organizations, providing financial expertise and assistance to these organizations.
- M&T is an active participant in the Federal Home Loan Bank of New York's (FHLB) Affordable Housing Program (AHP). In 2010 and 2011, M&T was successful in securing commitments for 33 new Affordable Housing Grant applications realizing $14.3 million in grant funds. These projects will create 1,951 units of affordable housing.
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. The 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."
Copies of M&T Bank Community Reinvestment Act performance evaluations are available at any M&T branch location.