Headquartered in Buffalo, New York, M&T Bank Corporation (MTB) is a $140 billion asset holding company and parent to M&T Bank. MTB has offices located throughout the Northeastern United States. Specifically, the bank has 785 branches located in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and a few other states.
While MTB is more of your classical “loans and deposits” type community banks, relative to super regional peers, it does have a strong wealth management presence associated with its Wilmington Trust business. While most other banks focus on growth first, I believe MTB is more focused on sound credit quality above all else. As one can see from the charts below (under “Credit Analysis”), the bank did quite well during the last recession in terms of credit pain.
As one can see from the valuation chart below, the current valuation (in terms of Price to Tangible