Robert G. Wilmers, who built Buffalo-based M&T Bank Corp. into a regional powerhouse. has died. He was 83.
M&T’s Board of Directors named lead outside director Robert T. Brady, former Chairman and CEO of Moog, Inc., as M&T’s Non-Executive Chairman, effective immediately.
M&T’s three Vice Chairmen, Richard S. Gold, René F. Jones and Kevin J. Pearson, maintain responsibility for the bank’s day-to-day operations.
Wilmers kept a firm hold on the CEO’s post and never appointed a successor. Industry analysts have not been overly concerned with the lack of a successor, citing a “deep bench” at M&T
Wilmers held both the chairman and CEO positions since May 1983, when M&T had assets of $2 billion.
Today, M&T’s assets total more than $120 billion. Under his tenure, M&T has completed 24 acquisitions, has grown from 51 branches in one state to 783 branches in eight states plus the District of Columbia and from 2,000 employees to nearly 17,000.
Wilmers, by virtue of his stock holdings, was said to be a billionaire. One of his outside holdings was a highly regarded winery in France.
A major shareholder at M&T is legendary Omaha investor Warren Buffett, whose holdings through Berkshire Hathaway include Geico Insurance and Burlington Northern Santa Fe Railroad.
One of M&T’s more ambitious acquisitions came in late 2010 with the “take under” of Delaware’s largest full-service bank, Wilmington Trust, for $300 million, after the financial services company buckled under the weight of problem loans.
Wilmers and the bank took heat when hundreds of jobs in Delaware were eliminated. The blunt-spoken banker told business leaders that Delaware needed to realize the seriousness of the problems at Wilmington Trust.
M&T kept the Wilmington Trust name for much of its investment and fee-based business and in the past couple of years, the investment side was showing signs of growth.
Of the largest 100 banks operating in 1983, only 23 remain today and, among those, M&T ranks 1st in stock price growth, the company noted in a release announcing Wilmers’ passing.
“Bob Wilmers was a great leader who was committed to our employees, our customers and our communities,” said Nick Lambrow, president of M&T Bank’s Delaware Region. “He was also a champion for the banking industry who believed that banks could make a significant positive impact on the overall well-being of the community.”
“Bob Wilmers inspired all of us to reach the highest level of service, commitment and compassion in everything we do,” said Bill Farrell, executive vice president of Wilmington Trust. “Under his guidance and leadership, M&T retained and grew the Wilmington Trust business and kept our headquarters in Wilmington, where we have continued our commitment to serving Delaware.”
“Bob Wilmers’ accomplishments as Chairman and CEO of M&T Bank are surpassed only by his commitment to our community, and every day he worked to fulfill his belief that the bank can only do well if the communities it serves do well,” said Chairman Brady. “He will be missed greatly—by his beloved family, by the colleagues whom he respected so deeply, by his incredibly broad network of dear friends, and by all of our neighbors in M&T’s communities. Nonetheless, his legacy will live on. The management team he built at M&T is long-tenured and deeply committed to Bob Wilmers’ conservative, consistent, community-focused banking philosophy, and they will carry on that legacy, continuing to build M&T as a strong, successful and independent bank.”
“He was a remarkable banker, an even more remarkable citizen and a wonderful friend,” said Warren E. Buffett, CEO of Berkshire Hathaway, and longtime M&T shareholder.
In addition to his role as Chairman and Chief Executive Officer of M&T Bank, Wilmers also previously served as chairman of the Empire State Development Corporation from 2008 to 2009, Chairman of the New York State Bankers Association in 2002 and as a director of the Federal Reserve Bank of New York from 1993 to 1998.
M&T and Wilmers remained loyal to Buffalo, which is seeing a turnaround after seeing a long economic struggle.
Wilmers is survived by his wife of 20 years, Elisabeth Roche Wilmers, his son Christopher and his wife Serena, and his grandsons Dylan and Theodore.
He was predeceased by his son Robert G. Wilmers, Jr. Mr. Wilmers is also survived by four step-children: Camille de Wouters (Dr. Antoine van Couter), Guillaume de Wouters (Marta Olalde), Juliette Chevalier (Jerome) and Charlotte de Coupigny (Alexandre), along with eleven step-grandchildren.
