M&T Bank has received an “Outstanding” Community Reinvestment Act (CRA) rating from the New York State Department of Financial Services, representing the highest rating of how well an organization helps meet borrowers’ credit needs, including among low- to moderate-income neighborhoods within New York state.
“We’ve focused on investing in programs that support education, financial literacy, affordable housing and other community development activities to create opportunities for our neighbors,” says M&T Bank Chairman and CEO Robert G. Wilmers. “We recognize that for a bank to do well over the long run, the communities it serves must also do well and that includes all neighborhoods of the community.”
The New York State Department of Financial Services exam includes a review of the bank’s overall lending – including a close look at home mortgages made across all income areas of the community – investments in community development, and service to the community.
M&T is one of the leading issuers of affordable home loans through the State of New York Mortgage Agency and also offers grants to first-time home buyers through the Federal Home Loan Bank of New York’s First Home Club program.
M&T notes that it has earned the highest rating awarded from the New York State Department of Financial Services since 1988.