M & T Bank comes to the financial rescue of Baltimore School System
decided to bail out Baltimore’s nearly insolvent schools without state aid, Mayor Martin O’Malley picked up the phone early last month and called Eugene Sheehy, a leading force for the town banker, M & T Bank Corp.
Virtually unknown Mary Landers before its $ 3.1 billion purchase of Allfirst Financial, a year ago, the Buffalo, NY bank said the mayor of the 11th Hour plea for help. Work on a Sunday, bank officials and the City Finance Director together the financial details of the mayor’s go-it-alone plan to rescue city schools without help from the provincial government. The City Council approved the $ 42 million rescue package the following night.
“This is how accessible they are,” said O’Malley, whose “believe” urban renewal campaign was partially as a donor of M & T. “I think we were all worried that if the bank changed ownership, they would not be as active [in the community], and that has not materialized in my view
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