Profitability Asset quality Market positions Concentration of commercial real estate (CRE) Historically aggressive capital position (Editor's note: In this full analysis originally published on Sept. 28, 2004, M&T Capital Trust III's preferred stock rating was misstated in the article deck. This corrected version shows the rating as 'BBB'.) The ratings on Buffalo, N.Y.-based M&T Bank Corp. (M&T) are based on its dominant market share in upstate New York and central Pennsylvania, its expanded footprint as a result of its acquisition of Allfirst Financial, its improved and consistent profitability, and its better-than-average asset quality. The Allfirst acquisition provided a broader geographic reach, which now includes New York, Pennsylvania, Maryland, and Virginia, where M&T now maintains strong market shares. Synergistic opportunities grew
