It's not often that a financial institution is recognized as ""outstanding"" in the current economic climate, but ""M&T Bank"":www.mtb.com/ has worked against current trends to receive a high rating from the ""Federal Reserve Bank of New York"":www.newyorkfed.org/. The bank was recently given an ""outstanding"" rating by the New York Fed for its performance under the ""Community Reinvestment Act"":www.ffiec.gov/cra/.[IMAGE]
M&T Bank's standing represents the highest possible notation from the group, as it relates to how well the company facilitates the credit needs of the communities it serves. Since the CRA exams began in 1982, M&T Bank has enjoyed an ""outstanding"" rating from the Fed.
When extending its elevated evaluation, the New York Fed noted M&T Bank's leadership in community development loans and qualified investments, its accessible retail delivery systems, and its distribution of loans across diverse income levels and[COLUMN_BREAK]
business compositions. The New York Fed also commented on the volume of the bank's community lending, stating that it ""generally exceeded similarly-situated banks in the New York, Pennsylvania and Maryland full scope assessment area ├â┬ó├óÔÇÜ┬¼├é┬ª M&T's community development lending was responsive to community needs.""
Specifically, the CRA examination featured 456 community development loans given during the two-year assessment period, which totaled more than $2.3 billion. The significant number shows a large increase over the $1.9 billion loaned by M&T Bank during its previous CRA rating period.
Commenting on the company's rating, M&T Bank's corporate CRA officer noted, ""While we've increased lending for the construction of affordable housing, health care facilities, senior housing and other community development projects in cities and towns where our employees live and work, we've also maintained lower loan losses than almost all other U.S. regional banks. Our experience shows community development lending, when done effectively and responsibly, can benefit the neighbors and communities we serve.""
Additional portions of the survey by the New York Fed mentioned M&T Bank's efforts at providing community-based seminar sponsorships and presentations on affordable mortgages, as well as its small business assistance and general banking and financial literacy education initiatives. The recent CRA findings calculate all activity by M&T Bank through December 31, 2009.