M&T Bank

The Buffalo, New York-based bank said its commercial real estate portfolio continued to shrink, but this was more than offset by business and consumer lending.

The regional bank has already seen a large reduction in "criticized" loans, and it expects that trend to pick up as lower borrowing costs alleviate the pain in the commercial real estate sector.

Darren King, who has been overseeing retail and business banking, will depart from the bank in August, M&T said Wednesday. A company spokesperson cited personal reasons.

Fourth-quarter net income at the Buffalo, New York, bank fell 37% because of higher funding costs and a special deposit insurance assessment. But lower interest rates and a stronger economy are expected to strengthen profits this year and into 2025, its CFO says.

Aarthi Murali, M&T's chief customer experience officer, is now in charge of employee experience as well. Murali said she is focused on the "human experience" at all levels.

Weekly volume — even with the M&T deal — is poised to be one of the largest misses this year, second only to the week of March 13 when Silicon Valley Bank's failure spooked the banking sector.

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