BUFFALO, N.Y., Nov. 1, 2011 -- M&T Bank (NYSE: MTB) ranked as the #1 lender in Baltimore, Buffalo, Philadelphia, Rochester, Syracuse, Washington, D.C., and Wilmington and finished 6th nationally ranked by total loans made through the U.S. Small Business Administration's most popular loan program in the federal fiscal year ended September 30, 2011.
M&T issued 1,227 of the SBA's 7(a) loans for $174.5 million, a 47 percent increase from the $119 million it made in 7(a) loans during the 2010 federal fiscal year. The 7(a) program is the SBA's largest loan program providing operating capital to small business.
"We were able to pump $55 million of additional financing to small business in our markets this year by working with our partners at the SBA, helping those businesses finance their operations and create jobs," said Janet Coletti, senior vice president for business banking at M&T. "Small business is the heart of the economy in most small cities and towns served by M&T and we will continue to look for more ways to lend responsibly to these vital customers."
M&T has been the leading SBA lender in most of its core markets for more than a decade. M&T made 145 SBA 7(a) loans in the New York City District last year, ranking second in total loans. After merging with Wilmington Trust Company earlier this year, M&T now ranks as the top lender within the Delaware SBA District. During the last year, the bank made 35 total loans across all SBA programs within the Delaware District for more than $8 million.
Additional information about M&T's small business products and services can be found at www.mtb.com/business.
M&T Bank, founded in 1856, is one of the top 20 independent commercial bank holding companies in the nation, with $78 billion in assets and 780 branch offices in New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia, the District of Columbia, and Ontario, Canada. Read more about M&T Bank online at www.mtb.com/newsroom.
Media Contacts:
Delaware:
Megen Morris
(302)651-1462
Maryland, Washington D.C., Virginia:
Philip Hosmer
(410)949-3042
New York:
Chet Bridger
(716)842-5182
Pennsylvania, New Jersey:
Kent Wissinger
(717)237-6110
