BUFFALO, N.Y., Jan. 17, 2018 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") today announced a series of
investments to perpetuate its legacy of support for its employees
and the communities the bank serves. M&T is making these
investments in anticipation of the improvement in after-tax income
it expects to recognize as a result of federal tax reform.
M&T is committed to the following actions:
- The company will increase wages for hourly paid employees.
Their rate of pay will begin at $14
to $16 per hour, based on geography.
This increase will represent an investment in employees of
$25 million, once fully implemented.
This is part of the company's thoughtfully considered and ongoing
commitment to provide sustainable career paths and professional
growth opportunities for all of its employees.
- All employees will be granted 40 hours of paid time each year
to participate in volunteer and/or employee resource group
activities of their choice.
- Over the past 31 years, The M&T Charitable Foundation has
consistently invested in a diverse range of civic, cultural, health
and human services organizations that strengthen M&T
communities. To sustain that commitment, M&T contributed
$50 million to The M&T Charitable
Foundation during 2017—the largest amount in the company's history.
By comparison, a total of $178.7
million was contributed by M&T to The M&T Charitable
Foundation over the past 10 years.
"At M&T, we have a long tradition of working to be the best
bank we can be for our employees, customers and communities. The
success of our company is driven by the vitality of the communities
in which we operate and our team's tireless commitment to
excellence in all that they do," said René F. Jones, M&T
Chairman and CEO. "We are pleased to recognize our colleagues and
our communities in a manner which will support sustainable growth
and ultimately benefit our customers and shareholders."
About M&T Bank
M&T Bank Corporation is a
financial holding company headquartered in Buffalo, New York. M&T's principal banking
subsidiary, M&T Bank, operates banking offices in New York, Maryland, New
Jersey, Pennsylvania,
Delaware, Connecticut, Virginia, West
Virginia and the District of
Columbia. Trust-related services are provided by M&T's
Wilmington Trust-affiliated companies and by M&T Bank.
© 2018 M&T Bank. Member
FDIC.
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SOURCE M&T Bank Corporation