M&T Bank, based in Buffalo, NY has repaid $700 million in Troubled Asset Relief Program funds received, which includes an amount owed by Wilmington Trust Corporation that M&T had recently acquired.
Under the capital purchase program, the Treasury received $370 million in shares from M&T and $330 million in shares from Wilmington.
The repayment brings the total of repayments to about $252 billion with about $145 billion still outstanding. When evaluated separately, the TARP capital purchase program will ultimately lead to a $20 billion positive return for taxpayers. However, according to the CBO, when factored in with other initiatives within TARP, the net cost of the programs will be approximately $19 billion, still somewhat lower then previous estimates.
M&T Bank's reverse mortgage division is currently ranked 14th in the nation with 287 loans thus far this year, and 587 in 2010, according to data from Reverse Market Insight.