M&T Bank (MTB) of Buffalo, N.Y., has committed $60 million to keep its name atop the Baltimore Ravens' football stadium for at least another 13 years.
The $86 billion-asset bank announced Wednesday that it has signed a 10-year extension with the Ravens that also includes several community-focused initiatives. Their initial contract was signed as a 15-year deal in 2003 the year M&T moved into Maryland with its acquisition of Allfirst Financial and the extension keeps the bank's name on the downtown Baltimore stadium through 2027.
"M&T Bank's partnership with the Ravens isn't about a name on a building it's about combining the strengths of our two teams to build a better, stronger Baltimore," M&T Bank President Mark Czarnecki said in a May 21 press release announcing the deal.
Under the new partnership, M&T, along with the Ravens, will also provide $600,000 in funding for the Judith P. Hoyer Early Child Care and Family Education Center, a school-readiness program for at-risk children in Baltimore.
The agreement also calls for M&T to continue its sponsorship of a program that rewards outstanding teachers with cash prizes and another that awards 100 free game tickets to young people who do volunteer work in and around Baltimore.