Profitability Asset quality Market positions Concentration of commercial real estate (CRE) Historically aggressive capital position The ratings on Buffalo, N.Y.-based M&T Bank Corp. (M&T) are based on strong market positions in its footprint, which includes upstate New York, central Pennsylvania, and the Maryland-northern Virginia-Washington D.C. area. Furthermore, ratings consider strong and consistent financial performance. Also considered in the rating is M&T's historically aggressive capital position, as acquisitions have resulted in a sizable amount of goodwill. M&T enjoys strong market share positions in a number of local markets. The strong market shares are a result of M&T's local community banking strategy, which incorporates providing a full array of banking and investment services to consumers and small and middle-market customers. M&T's focused
