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May 2, 2023

Dan Thornton, M&T Bank's regional president, steps down

File Photo / Tim Greenway Dan Thornton served as regional president for People's United (now M&T Bank) from 2013 to May 2023.

After 40 years in banking and finance, Dan Thornton stepped down as regional president for M&T Bank, effective May 1.

Thornton decided it was time to retire for personal reasons. 

In an email to colleagues and business associates on April 28, Thornton said he would stay on the Northern Light Health board as the finance committee chair on the investment and strategic planning committees. Thornton plans to use this downtime to work on his golf game and go camping and fly fishing.

“We’ve seen a lot of changes in banking and there has really never been a dull moment. I am leaving a strong team in Maine that I am sure will be successful,” Thornton wrote in his email. 

Thornton served as Maine regional president of People's United Bank going back to 2013, stepping into a role held by a well-known banker in Sam Ladd. When People's was taken over last year by Buffalo-based M&T Bank, Thornton was kept on as the Maine president. He also spent part of his career at TD Bank. 

"Dan was a strong, professional presence in the state’s banking industry. A real leader, confident, successful, and a great guy. He’ll be missed," said Jim Roche, president of the Maine Bankers Association.

Catherine Wygant Fossett, executive director of the Institute for Family-Owned Business, said Thornton has been a "long-time supporter of the IFOB throughput his banking career ... He cares deeply about the businesses in Maine and he also believes in a good [succession] plan, mentoring his staff onto our board and always supporting our mission."

Interim leader 

Going forward, Tim Wade, the New Hampshire regional president, will cover Maine as the interim president. Thornton said he would assist Wade in the transition.

“Tim is a very practical thinker and he will continue to advocate for customers and employees," Thornton said.

Wade will oversee the bank's operations, including business development, client relationship management and community outreach. He has over 32 years of commercial banking experience, with an additional seven years of experience in the healthcare consulting and skilled nursing administration fields.

“M&T is an exceptional organization with a deep commitment to serving our clients and communities, and I look forward to working closely with our talented team to help our customers achieve their financial goals,” said Wade. 

M&T Bank
Tim Wade

Wade received his bachelor's from Union College and a master’s in business administration from Clarkson University.  He has served on many nonprofit boards and committees, including the Boys and Girls Club of Boston, Massachusetts Business Roundtable, MVP Healthcare, Ellis Hospital Foundation, Schenectady Day Nursery, Union College Foundation, and served as board chairman of the Heritage Valley chapter of American Red Cross. 

“Tim’s deep understanding of our business, clients, and communities will be invaluable as we continue to grow our presence in Maine,” said Mike Keegan, senior executive vice president and head of community banking. “Tim is an accomplished leader, and I am confident that our customers will enjoy working with him as much as I do.” 

M&T Bank (NYSE: MTB), is a financial holding company based in Buffalo, N.Y. M&T’s principal banking is a subsidiary that provides services and products in 12 states from Maine to Virginia and Washington D.C. The bank has 19 branches in Maine. 

In Maine, M&T Bank is No. 13 among banks with the largest market share in the state, according to the 2023 Mainebiz Book of Lists. That ranking is based on $1.271 billion in Maine deposits as of June 30, 2022.

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