M&T Bank was one of the city’s leading property lenders before Covid-19 hit, and commercial real estate loans account for about 40% of its portfolio—more than double that of its peers. The Buffalo-based bank has a plan to reduce its exposure to struggling New York hotels and offices, but it needs Uncle Sam to approve the $7.6 billion merger it struck last February with Connecticut-based People’s United Bank.
It’s an uncomfortable position for a bank that long has distinguished itself as one of the industry’s best performers, thanks to conservative lending practices and a dedication to customer service. Between 1980 and 2016, M&T’s shares returned an average of
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