M&T Bank expands community investment with new $25 million ‘Amplify Fund’
First significant philanthropic effort by M&T Bank through former People’s United imprint
BUFFALO, NY, May 18, 2022 /PRNewswire/ — Following the completion of its merger with People’s United Financial Inc. (People’s United) in April, M&T Bank Corporation (NYSE: MTB) (“M&T”) today launched Amplify Fund, a new $25 million philanthropic investment to provide additional support to People’s United legacy communities through Connecticutthe largest market in New England and New York. The Fund is powered by the M&T Bank Charitable Foundation as part of M&T Bank’s first major philanthropic effort through the former People’s United Bank footprint. The Amplify Fund is a unique additional charitable program, which will be deployed over three years to benefit low- and middle-income communities and underrepresented populations using a racial equity and justice lens.
“Investing in communities by understanding their specific needs and issues is a hallmark of our approach as a community-driven bank. The contribution of local leaders and community organizations will continue to be key to our success as we let’s unite our collective influence and resources to make a meaningful difference in people’s lives,” said Mike Kegan, senior executive vice president of M&T and head of community banking. “The Amplify fund is just one more example of how we live our values to enable our customers and our communities to thrive.”
The Fund’s focus areas will align with existing M&T priorities, including community development and innovation, in addition to Community Growth Plan and Community Reinvestment Act (CRA) eligibility standards. previously announced. The bank’s regional representatives will continue to meet with local leaders to help inform the strategic direction for the future of the Fund’s giving efforts.
The Fund is designed to generate sustainable impact that is equitable, accessible and responsive to local needs. M&T will identify organizations through a formal Letter of Interest (LOI) and subsequent Request for Proposals (RFP) process. Key thematic areas, developed with input from local leaders and organizations, include:
- Connecticut: Mission-driven investments (e.g. organizational capacity, programmatic initiatives)
- New England (CT, NY, MA, ME, NH, VT): Organizations and coalitions with projects that address environmental justice and equity initiatives
- New York: Agencies involved in the community or tenant organizations with a historical connection to the community development movement
The initial phase of the deployment will engage $9-11 million full $25 million end of 2022, with additional phases over the remaining two years.
M&T will post more information and instructions related to the tender in the coming weeks for organizations interested in applying for grants at https://www3.mtb.com/amplifyfund.
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services in 12 states in the eastern United States, from Maine for Virginia and washington d.c. Trust-related services are provided in certain markets in the United States and abroad by affiliates of M&T’s Wilmington Trust and M&T Bank. For more information about M&T Bank, visit www.mtb.com.
National media, trade publications and Buffalo, NY:
upstate New York (Rochester, Syracuse, Albanysouth floor, Hudson Valley)
Central New York State (Westchester, rock land, New York and Long Island), New Jerseyand New England:
Delaware, Maryland, Pennsylvania, Virginia and washington d.c.:
The Information may contain forward-looking statements about M&T Bank Corporation (“M&T”) within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not describe historical or current facts are forward-looking statements, including statements regarding M&T’s expectations or forecasts of future performance or financial or business conditions and statements regarding the potential effects of the COVID-19 pandemic on M&T’s business, financial condition, liquidity and results of operations .
SOURCE M&T Bank Corporation