M&T Bank Corp. said Wednesday that it had bought a minority stake in a new subsidiary of the mortgage lender Bayview Financial LP in Coral Gables, Fla.
The Buffalo banking company did not disclose how large a share it took in the unit, Bayview Lending Group LLC, though the Federal Register put it at 20%. M&T also declined to disclose the price. A spokesman said that the stake's size is immaterial and that M&T has no plan to increase it.
Bayview is a real estate investment and mortgage finance company owned by its management and Allstate Corp., according to its Web site. Bayview Lending is one of its commercial mortgage businesses.
M&T, which has $57.1 billion of assets, has been doing business with Bayview Financial for more than 10 years, the spokesman said.
