Summary: M&T Bank Corp.

Good asset quality Solid core profitability Strong market positions in less volatile U.S. regions Capital position, though improved, remains aggressive relative to peers' Exposure to higher-risk loan categories such as commercial real estate The stable outlook reflects Standard&Poor's Ratings Services' expectation that M&T Bank Corp. will maintain its better-than-average earnings and credit performance as it continues to benefit from its acquisition of Wilmington Trust Corp. in May 2011. We also expect the company to redeem its remaining Troubled Asset Relief Program (TARP) preferred shares by mid-2013 and to sustain a Standard&Poor's risk-adjusted capital (RAC) ratio of more than 7% over the next 18-24 months as it accretes capital or issues qualifying capital instruments to meet expected

RESEARCH Summary: M&T Bank Corp. Publication date: 09-Aug-2012 Primary Credit Analyst: Rian M Pressman, CFA, New York (1) 212-438-2574; rian_pressman@standardandpoors.com Secondary Contact: Catherine C Mattson, New York (1) 212-438-7392;...

Summary