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 the 2003 acquisition of Allfirst Financial, and its consistent profitability. Also considered in the rating is M&T's historically aggressive capital position. The Allfirst acquisition, along with the 2000 acquisition of Keystone Financial Inc., provided a broader geographic reach, which now includes New York, Pennsylvania, Maryland, and Virginia. M&T enjoys strong market share positions in a number of local upstate New York, Pennsylvania, and Maryland markets. Finally, the Allfirst deal added synergistic opportunities as Allfirst's retail and asset management businesses complement M&T's small business expertise. M&T's earnings represent a strength for
