M&T Bank to expand into Canada

M&T Bank Corp. said Friday it plans to open a commercial banking office in Canada, its first commercial office outside of the U.S.

Pending final regulatory approval, M&T plans to open the office in the greater Toronto area by the end of the year.

"This office will allow us to provide banking services to the Canadian offices of our U.S. customers," said President Mark J. Czarnecki in a statement. "We'll also seek the business of Canadian companies that are expanding into the U.S."

M&T has hired John R. MacLeod as the principal officer of its Canadian location.

M&T operates more than 680 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and Washington, D.C.

Shares added 82 cents to $67.66 in morning trading.