M&T Bank Decreases Prime Rate

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

M&T Bank (NYSE:MTB) has announced a decrease in its prime lending rate from 8.50% to 8.00%. This change will take effect on Thursday, September 19, 2024. The prime rate reduction of 50 basis points is a significant move that could impact various financial products and services offered by M&T Bank, including loans and credit lines. This adjustment may reflect changes in the broader economic environment and monetary policy decisions.

Positive

Reduction in prime lending rate by 50 basis points
Potential increase in borrowing activity due to lower interest rates
Possible improvement in loan affordability for customers

Negative

Potential decrease in interest income for the bank
Possible compression of net interest margin

News Market Reaction 1 Alert

+0.13% News Effect

On the day this news was published, MTB gained 0.13%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

09/18/2024 - 03:31 PM

BUFFALO, N.Y., Sept. 18, 2024 /PRNewswire/ -- Effective Thursday, September 19, 2024, M&T Bank Corporation ("M&T") (NYSE:MTB) will decrease its prime lending rate from 8.50% to 8.00%.

About M&T (www.mtb.com)

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, Manufacturers and Traders Trust Company ("M&T Bank"), provides banking products and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Investor Contact:
Brian Klock
(716) 842-5138

Media Contact:
Frank Lentini
(929) 651-0447
flentini@mtb.com