There’s a saying that goes like this: “Don’t work for money; let the money work for you,” and one of the safest ways to make this work is by depositing your money in banks and earning interest. But lately, we all have read reports of banks failing everywhere, and one such bank that leaped on the list is M&T Bank. Now you must be wondering: Is M&T Bank going out of business 2023?
Well, you are not alone in the race of fears and suspicions. The failure of banks has made many people worried about the future of Bank Of America, too, the largest U.S. bank by assets.
So, without further ado, let’s discuss about M&T Bank and whether is it really going out of business or is just a rumor. Because believe it or not, knowing your bank is safe allows us to sleep much better at night.
About M&T Bank
M&T Bank stands for Manufacturing and Traders Trust Company. It is an America-based bank that operates over 1000 banks in 12 states across the United States.
The bank started in 1856 and was known as First Empire State Corporation until May 1988. Later, the name of the bank was changed to M&T Bank by the bank’s holding company.
Since then, the bank has had its ups and downs, but it made it to the list of the largest banks in the USA by assets. It also acquired 18 local banking institutions.
Who Are The Top Shareholders Of M&T Bank?
The table below shows the top shareholders of M&T Bank:
Top Shareholders
| Holder | # of Shares | Type | % Holding |
|---|---|---|---|
| JPMorgan Trust I | 1,965,008.00 | Institution | 1.18% |
| Vanguard Wellesley Income Fund | 2,729,146.00 | Institution | 1.64% |
| Schwab | 3,075,595.00 | Institution | 1.85% |
| Fidelity Concord Street Trust | 3,075,652.00 | Institution | 1.85% |
| Vanguard Fenway Funds | 4,326,872.00 | Institution | 2.61% |
| Robert Wilmers | 6,126,142.00 | Insider | 3.69% |
| SPDR | 6,774,829.00 | Institution | 4.08% |
| iShares | 6,775,515.00 | Institution | 4.08% |
| Vanguard Index Funds | 16,026,809.00 | Institution | 9.66% |
| Vanguard | 17,552,640.00 | Institution | 10.58% |
Top Mutual Fund Holders
| Holder | # of Shares | Type | % Holding |
|---|---|---|---|
| Fidelity Devonshire Trust | 1,256,399.00 | Institution | 0.76% |
| J.p. Morgan Fleming Mutual Fund Group, Inc. | 1,722,724.00 | Institution | 1.04% |
| Vanguard Windsor Funds | 1,853,968.00 | Institution | 1.12% |
| Hartford Mutual Funds Inc/ct | 1,964,438.00 | Institution | 1.18% |
| JPMorgan Trust I | 1,965,008.00 | Institution | 1.18% |
| Vanguard Wellesley Income Fund | 2,729,146.00 | Institution | 1.64% |
| Vanguard Institutional Index Funds | 1,243,046.00 | Institution | 0.75% |
| Fidelity Concord Street Trust | 3,075,652.00 | Institution | 1.85% |
| Vanguard Fenway Funds | 4,326,872.00 | Institution | 2.61% |
| Vanguard Index Funds | 16,026,809.00 | Institution | 9.66% |
((https://www.tipranks.com/stocks/mtb/ownership))
Is M&T Bank Going Out Of Business 2023?
If you have heard that M&T Bank is going out of business, then you have heard it right. Yes, M&T Bank is really going out of business.
The bank shut down several of its brands and planned to move to Connecticut with a different pattern. However, this strategy backfired when the deposits plunged straight for the second year in Connecticut.
More than 90 branches of M&T Bank in Connecticut saw a drop in the deposits at least 10% over the span of 12 months through June.
However, while M&T Bank was struggling, other banks in Connecticut, such as Webster, saw a surge in the number of deposits from both existing and new customers. With more deposits on hand, Webster also increased the lending.
Why Is M&T Bank Going Out Of Business?
The primary reasons M&T Bank is closing several branches are account problems and layoffs that overshadowed the bank.
The customer’s grievances came barging into the bank after the merger with People’s United Bank in April. The customer’s bank accounts were transferred into a combined banking system.
Despite all this, the bank failed to meet the requirements of its customers. It was reported that many customers complained that their bank account doesn’t exist anymore.
Even the statement given by the bank that said they are going through several calls and complaints currently wasn’t enough to console its customers.
So, overall, according to its customers, Account problems, layoffs, inferior quality services, customer complaints, working staff issues, and several other problems led to the closure of the bank.
Failed Banks List
Not only M&T Bank has failed, but several other banks have also failed to give satisfactory results to their customers. Here’s a list of a few banks that have failed:
- First Republic Bank- San Fransico
- Signature Bank-New York
- Silicon Valley Bank-Santa Clara
- Almena State Bank-Almena
- Resolute Bank-Maumee
- Citizens Bank- Sac City
- First City Bank Of Florida-Fort Walton Beach
- Allied Bank-Mulberry
- First CornerStone Bank- King Of Prussia
- Harvest Community Bank- Pennsville
- Sunrise Bank Of Arizona- Pheonix
- Bank Of Wausau- Wausau
- Bank Of Jackson County- Graceville
If your bank is not on the list, then congratulations. Here’s a list of other banks which have failed to meet the requirements of their customers.
Conclusion
In recent years, many banks and businesses have shut down their operations permanently. One such bank which was added to this list is M&T Bank.
M&T is the second largest bank by deposits in Maryland, behind the Bank Of America. However, the recent headlines had people talking about the bank and worried its investors too.
We hope this article has provided every insight on M&T Bank and cleared the air over: Is M&T Bank going out of business 2023?
FAQs
Who owns M&T Bank?
Vanguard owns the most number of shares of the bank. The institution owns about 17,552,640.00 shares, which is the highest.
What is M&T Bank controversy?
The customers of the bank reported that large sums of money disappeared from their bank accounts without any explanation, and lastly, they had to fight with the bank to get their money back.
Where is M&T Bank headquartered?
The headquarters of M&T Bank is located in the city of Buffalo, New York.