Federal bank regulators gave M and T Bank Corp. another "outstanding" rating for its performance under the federal Community Reinvestment Act, citing its lending, investments and services for the communities it serves.
According to a news release from M and T, the Federal Reserve Bank of New York called the bank a leader in community development loans and investments, and said its branch and other retail systems were readily accessible to customers. Regulators also cited good distribution of loans to individuals of different income levels and businesses of different sizes.
In particular, the regulatory review highlighted 456 community development loans totaling $2.3 billion that were made by M and T during the two-year assessment period that ended in December 2009, up from $1.9 billion in the prior two-year period.
Regulators also cited the bank for sponsoring and participating in seminars and presentations on affordable mortgages, small-business assistance and other banking education, while providing financial or volunteer help for 1,876 events.
"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," said JoAnne Schwartz, M and T's corporate CRA officer.
"Our experience shows community development lending, when done effectively and responsibly, can benefit the neighbors and communities we serve."
Congress enacted CRA in 1977 to encourage banks to meet the credit needs of their communities by requiring they make loans and investments in all areas in which they take deposits. Regulators examine banks for the extent of community development lending and services, the distribution of mortgage and small-business loans to low-income areas and borrowers and the availability of branches and services in lower-income neighborhoods.
Buffalo-based M and T has received the highest rating from the Federal Reserve Bank of New York on every CRA exam since 1982.
jepstein@buffnews.com null
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