M&T Bank Plans $25M Investment in Communities |
M&T Bank Corporation has announced a major financial commitment to communities across Connecticut following its acquisition of People’s United.
The bank pledged a $25 million investment in the coming years through a one-time supplemental charitable program.
Funds will be dispersed throughout Connecticut, the larger New England market, and New York.
Leaders with M&T Bank Corporation said the M&T Bank Charitable Foundation will power the Amplify Fund over three years to benefit low- and moderate-income communities in underrepresented populations.
“Investing in communities by understanding their specific needs and issues is the hallmark of our approach as a community-focused bank,” M&T senior executive vice president and head of community banking Mike Keegan said.
“The Amplify Fund is one more example of how we live out our values to enable and empower our customers and communities to thrive.”
The initial phase will give organizations between $9 and $11 million in grants by the end of 2022.
Grants dispersed in Connecticut will focus on mission-driven investments, with an overall goal of furthering community development and innovation.
The plan is designed to drive sustainable impact that is equitable and responsive to needs within the communities that the bank serves.
Bank representatives will be meeting with local leaders in the coming months to create a strategic direction for giving efforts.
“Input from local leaders and community organizations will continue to be key to our success, as we bring our collective influence and resources together to make a meaningful difference in people’s lives,” Keegan said.
M&T will send letters of interest to organizations to help identify possible grant recipients.