Profitability Asset quality Market positions Concentration of commercial real estate Historically aggressive capital position The ratings for Buffalo, N.Y.-based M&T Bank Corp. (M&T) are based on its dominant market share in upstate New York and central Pennsylvania, improved profitability, and better-than-average asset quality. In light of M&T's recent acquisition of Allfirst Financial (Allfirst), the former subsidiary of Allied Irish Bank Plc. (AIB), the ratings also reflect Standard&Poor's Ratings Services' position that the combined entity is more diverse with broader geographic reach, including New York, Pennsylvania, Maryland, and Virginia, and maintains a strong market shares in that region. There was little overlap between the two institutions, but approximately $100 million annually in cost savings is projected. Synergistic opportunities exist,
