Annual Meeting of Shareholders: Charitable or Banking?
About Rene Jones
René Jones, chairman and CEO of M&T Bank, said during the bank's 2024 annual shareholder meeting that the bank's strategy focuses on stability and low volatility, which he said produces growth. He noted that in the first quarter of 2024, loans grew year-over-year by 1%, with 8% growth in commercial and industrial loans to middle-market companies and a 7% decline in commercial real estate, which he described as part of a multi-year effort to reduce the bank's commercial real estate exposure. Jones stated that the bank's net interest margin began to stabilize, and that tangible book value per share grew 12% year-over-year, allowing the bank to cross an 11% capital threshold. He characterized the approach as "really boring" but necessary to prepare for unpredictable events. Jones also discussed the bank's community engagement, saying he had not needed to campaign internally about the importance of community work because it is "who we are." He described the bank's role as being about economic development, which he said requires multiple tools working together. In earlier appearances, Jones spoke about the bank's profitability during the pandemic, its acquisition strategy focused on local market density, and the importance of treating regulators as part of the bank's constituency. He also shared motivational stories on social media, using analogies about time and self-worth.