Hey Readers! Listen Up! Are you familiar with the news that M&T Bank is going out of Business, and you won’t be able to make the most of M&T Bank services?
Yeah! We are talking about some of its branch closures, not all.
Did you know? If not, you’ve come to the right place where we have covered almost everything about M&T Bank.
This blog will delve into M&T Bank, its closure, reasons behind its closure; it is still around, and other related things. So, Are you ready to explore this blog? If yes, then why we are waiting so much!! Let’s get started!!
What Is The Reason Behind M&T Closure?
Yes! You have heard it right! M&T Bank is going out of Business. As its several branches are going out of Business and there are several reasons behind their closures.
The biggest reason for the M&T Bank branch’s discontinuation was Account problems and layoffs that overshadowed M&T Bank, and these may be considered primary reasons for its closure.
If we talk about possible reasons for its closure, it is not like other organizations’ and agencies’ closures. Its discontinuation reasons are completely different.
Do you want to know? “Why is M&T Bank going out of business?” They are not providing the best services that meet customers’ demands.
And the customer’s complaints were raised when People’s United Bank and M&T Bank were merged, and the Bank was unable to meet their requirements.
M&T Bank acquired the entity of People’s United Bank, and it was believed that customers were complaining that their accounts did not exist anymore.
People complain that their accounts and several other problems started when People’s United Bank merged with M&T Bank in April. The customer’s accounts have been transferred into a combined banking system.
These problems culminated over Labor Day weekend in April when both merged. It was also noted that when the customers called for help, M&T Bank stated, “We are going through several calls, complaints, and experiencing a high volume of calls currently.”
One of the former People’s United Bank customers, Michael Ryan told, “I am not satisfied with their services and feeling very bad, they let me down.” he also added, “I don’t think that they will do a good job for their customers to make our payments safe and secure. Also, the payment transactions are terrible. I don’t know what they are planning and how they will overcome these issues.”
People were continuously facing issues with the M&T Bank and were commented on regarding their problems. Let’s see what people have posted on social media:
“M&T Bank’s online commercial services are down again….”
“Security protocols are also the thing, but I’ve answered six security questions, on hold with my 2nd customer service rep while she figures out how many more questions I have to answer about my business account to link my personal Bank to bank transfer again! Have gone through the text validation to the email validation, and you still can’t re-connect the Bank I’ve done business with in addition to yours for the past 4 years! Assistance, Please.”
One of the frustrated customers commented, “Just keep closing more branches. That will help your customers so much. Wow, you guys are just terrible.”
“What type of training do you provide your staff so callers are provided the help they need? I was trying to grow a business and was disappointed with your service.”
These are a few comments posted on social media; we can’t mention all of them here as it is an impossible task, so we’ve represented a few.
These are enough to understand what up and down the company is struggling with and how customers are reviewing & complaining. These can also be the reasons for M&T Bank’s closure.
According to customers, Accounts problems, layoffs, customer complaints, inferior quality services, working staff issues, and several other problems led M&T Bank branches to be closed.
How M&T Bank Came Out?
M&T Bank (for Manufacturers and Traders Trust Company) is an America-based Bank holding company that runs over 1,000 branches across the United States. M&T Bank Corporation operates its branches in 12 states and is headquartered in Buffalo, New York.
Initially, the Bank was known by the name First Empire State Corporation until May 1998, but later, the Bank’s holding company rebranded as M&T Bank.
This Bank owns the Buffalo Saving Bank and the M&T Tech Hub located in downtown Buffalo, Bridgeport Center in Bridgeport, Connecticut, and Seneca One Tower, respectively.
M&T also sponsors several organizations, such as M&T Bank Stadium, home of the Baltimore Ravens, and the University of Buffalo (M&T Bank Auditorium, M&T Bank Atrium).
M&T Bank is believed to be the official Bank of the Buffalo Bills in Western New York and Bills Stadium in Orchard Park, New York.
M&T Bank Corporation subsidiary holds Wilmington Trust and offers corporate and institutional services, fiduciary services, investment management, and private banking worldwide.
Since 1976, M&T Bank Corporation has profited every year. Unlike Northern Trust, M&T Bank is the one which was in the S&P 500 Index during the period of financial crises from 2007 to 2008.
Key Points:
- Trade: NYSE: MTB S&P component
- Industry: Banking Financial Services
- Headquartered In: One M&T Plaza Buffalo, New York, United States.
- Type: Public Company
- Established On: 29 August 1856
- Products: Retail Banking, Commercial Banking, Investment Banking, Investment Management, Private Banking
- Key People: Richard S. Gold, Rene F. Jones, Kevin J. Pearson
- Subsidiary: Wilmington Trust
- Net Income: 1.776 billion U.S. dollars
- Revenue: 6.12 billion U.S. dollars
- Total Assets: 155.12 billion U.S. dollars
- Total Equity: 17.903 billion U.S. dollars
- No. Of Employees: 17,569
- Website: www.mtb.com
Is M&T Still Around?
M&T Bank is still around, as it operates more than 1,000 branches and 1,800 + ATMs that provide various services online and mobile services.
M&T Bank offers services and products designed to help you reach your goals; services include Checking, Mortgages & Loans, Credit Cards, Savings & CDs, commercial financial services, Investments, and Insurance.
The Bank stated, “As we all know, M&T Bank is committed to independent businesses entirely. We appreciate that they helped and worked with us from scratch. They are determined and committed to our Business like us. We consider their small organizations the heartbeat of a community.”
Is M&T Bank Considered To Be A Safe Bank?
Yes, M&T Bank is considered a Safe Bank, which was established in 1856, and later, M&T Bank merged with People’s United Bank. M&T Bank was founded in New York and also in surrounding states. It is also operating its branches in 12 states and in Washington, D.C. also. M&T Bank has more than 1,000 branches and 2,200 ATMs.
When M&T Bank was established, it was considered an ordinary bank. Still, for 14 consecutive years, M&T has come in the list of top 10 U.S Small Business Administration (SBA) lenders and ranked as the sixth largest SBA lender in the country. Last year (2022), M&T offered around 203.8 million U.S. dollars for more than 1,000 loans.
However, The CFO, Darren King, already stated that, after the Silicon Valley Bank collapse – Buffalo Business First, the M&T Bank has become one of the strong and stable banks.
Who Owned M&T Bank?
The top competitors of M&T Bank are Fifth Third Bancorp, JP Morgan, Bank of America, First Republic Bank, and many more, as M&T Bank ranked 16th in the list of 7294 active opponents.
M&T Bank is a regional bank with several branches across the country. If any of the M&T Bank branches are near your location, then it could be a great choice for you. It offers good facilities, including its savings accounts. However, they have high fees and low interest, but overall the rating is good, which can attract any customer to initiate banking with M&T Bank.
Failed Bank List
Not only has M&T Bank failed, but also, several other banks have failed this year. Here we’ve shared a full list of Failed Banks. Let’s check them out:
- First Republic Bank
- Signature Bank
- Silicon Valley Bank
- Almena State Bank
- First City Bank Of Florida
- The First State Bank
- Ericson State Bank
- City National Bank Of New Jersey
- Resolute Bank
- Louisa Community Bank
- The Enloe State Bank
- Washington Federal Bank For Savings
Wrapping Up
M&T Bank will shut down its several branches, and the company’s arrival in Connecticut is in a different pattern. As the Bank has already accepted all the complaints and criticism of the account issues and layoffs, they are still claiming that these complaints and issues will not judge what to do or what not.
The Bank should not be identified only by the controversies going on for the past few months.
It is believed that the Bank will now invest money to open its branch in Connecticut completely in a different manner.
While announcing M&T Bank’s arrival in Connecticut, the CEO of the Bank stated that it would take time to rebuild the confidence and trust of the regular, new customers and elected officials in the area.
The CEO also said, “These investments are generational,” and added, “We are not planning to move and are going to go to Connecticut for the next few years. No, we are not saying so; when we made this decision, we decided to shift there permanently.”
