M&T Bank contributed $44 million to the M&T Bank Charitable Foundation in the fourth quarter in honor of its late chairman and CEO, Robert G. Wilmers.
M&T contributed a total of $50 million to the foundation in 2017, the highest annual amount in the bank's history, said Darren J. King, M&T's chief financial officer. King said the contributions would "carry on the legacy" of Wilmers, who died in December.
The $44 million contribution in the quarter reduced Buffalo-based M&T's net income by $27 million, or 18 cents of diluted earnings per share. M&T in the fourth quarter recorded net income of $322 million, down 2.7 percent from $331 million a year earlier.
After Wilmers died, M&T named Rene F. Jones its chairman and CEO, and Richard S. Gold as its president and chief operating officer. A public tribute to Wilmers' life is scheduled for 3 p.m. Monday at Kleinhans Music Hall.