M&T Bank Boosts Floorplan Business With a Few Large Dealerships
M&T Bank’s auto floorplan business grew $275 million in the fourth quarter of 2018, after the Buffalo, N.Y.-based bank onboarded a few large dealerships at the end of last year, Chief Financial Officer Darren King said in a Jan. 17 earnings call.
“There was a normal seasonal uptick in our auto floorplan balances that also benefited from a couple of large relationships that we onboarded during the quarter,” King said. “We would expect that number to stay around where it is at least for the first two quarters of the year.”
By comparison, the bank’s auto floorplan business grew $123 million in the fourth quarter of 2017.
M&T’s floorplan floorplan balance was $4.1 billion as of Sept. 30, 2018. The bank did not break out specific floorplan volume last quarter.
Separately, M&T’s fourth-quarter consumer loans grew 2% from the prior quarter, with growth in indirect auto and recreation finance loans outpacing continuing declines in home equity lines and loans, King said.
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