M&T Bank Corp. was named the No. 2 most-admired "super-regional" bank in the country in a new ranking by Fortune magazine based on a survey of business people.
The Buffalo-based banking firm was the only company headquartered in Western New York to make Fortune's 2006 list of America's Most Admired Companies, although many other companies on the ranking have Buffalo-area subsidiaries or operations. It's also the first time the bank was included.
In its category, only Bank of New York Co. ranked higher. KeyCorp of Cleveland was 8th.
In particular, M&T was named No. 1 for social responsibility, No. 2 for use of corporate assets, quality of management and long-term investment, and No. 3 for employee talent, financial soundness and quality of products and services. Only in innovation did it lag, at No. 7.
Among mega-banks, Wells Fargo & Co. of San Francisco took the top spot, followed by Bank of America Corp., Citigroup and Wachovia Corp.
Overall, General Electric Co., FedEx Corp., Southwest Airlines, Procter & Gamble and Starbucks Corp. were the top five most admired U.S. companies.
Berkshire Hathaway, which owns GEICO Corp. and The Buffalo News, was No. 7, and was also the most admired property and casualty insurer. DuPont Co., which has a Buffalo plant, was the top chemicals firm. Home Depot was the top specialty retailer. UnitedHealth Group was the top health insurer.
The top five firms were GE, Toyota Motor Co., Procter & Gamble, FedEx and Johnson & Johnson.
New York had the second largest concentration of companies on the list among states, but of the 35 firms based in New York, only M&T and Corning were based upstate.