M&T Bank Decreases Prime Rate

Rhea-AI Summary

M&T Bank (NYSE: MTB) has announced a decrease in its prime lending rate. The rate will be reduced from 8.00% to 7.75%, effective Friday, November 8, 2024.

Positive

• Prime rate reduction of 25 basis points indicates potential lower borrowing costs for customers

Negative

• Lower prime rate may reduce interest income and potentially impact profit margins

News Market Reaction – MTB

-3.90%

1 alert

-3.90% News Effect

On the day this news was published, MTB declined 3.90%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BUFFALO, N.Y., Nov. 7, 2024 /PRNewswire/ -- Effective Friday, November 8, 2024, M&T Bank Corporation ("M&T") (NYSE: MTB) will decrease its prime lending rate from 8.00% to 7.75%.

About M&T
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 with a branch and ATM network spanning 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. For more information about M&T Bank, visit www.mtb.com.

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 with a branch and ATM network spanning 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. For more information about M&T Bank, visit www.mtb.com. 

© 2024 M&T Bank. Member FDIC. NMLS# 381076 Equal Housing Lender. 

Investor Contact:
Brian Klock
(716) 842-5138

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

 

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SOURCE M&T Bank Corporation

FAQ

What is M&T Bank's (MTB) new prime rate as of November 8, 2024?

M&T Bank's new prime rate will be 7.75%, effective November 8, 2024.

How much did M&T Bank (MTB) decrease its prime rate in November 2024?

M&T Bank decreased its prime rate by 25 basis points, from 8.00% to 7.75%.

When will M&T Bank's (MTB) prime rate decrease take effect?

M&T Bank's prime rate decrease will take effect on Friday, November 8, 2024.