M&T Increases Prime Rate

Rhea-AI Summary

M&T Bank (NYSE:MTB) announced an increase in its prime lending rate effective February 2, 2023, raising it from 7.50% to 7.75%. This adjustment reflects the bank's response to the current economic environment. M&T Bank operates primarily in the eastern U.S., providing various banking services across twelve states from Maine to Virginia.

Positive

• Adjustment of prime lending rate may enhance interest income for M&T Bank.

Negative

• Increase in prime rate may lead to higher borrowing costs for consumers, potentially reducing loan demand.

BUFFALO, N.Y., Feb. 1, 2023 /PRNewswire/ -- Effective Thursday, February 2, 2023, M&T Bank (NYSE:MTB) will increase its prime lending rate from 7.50% to 7.75% 

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, provides banking products and services in 12 states across the eastern 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.

© 2023 M&T Bank. Member FDIC.

Media Contact:
Maya Dillon
646-735-1958
mdillon@wilmingtontrust.com

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SOURCE M&T Bank

FAQ

What is the new prime lending rate for M&T Bank?

Effective February 2, 2023, M&T Bank's prime lending rate increases to 7.75%.

When did M&T Bank announce its prime rate increase?

M&T Bank announced the prime rate increase on February 1, 2023.

What is the previous prime lending rate for M&T Bank?

The previous prime lending rate for M&T Bank was 7.50%.

How will the prime rate increase affect M&T Bank's customers?

The prime rate increase may lead to higher borrowing costs for customers, affecting loan demand.