Exhibit 12.1

M&T Bank Corporation
Computations of Consolidated Ratios of Earnings to Fixed Charges
(Dollars in thousands)

	Year Ended December 31,
	2008		2007		2006		2005		2004
Excluding Interest on Deposits:
Fixed Charges:
Interest Expense (excluding interest on deposits)	$	671,946		735,257		561,686		437,820		272,538
Interest Factor Within Rent Expense (a)		24,618		21,608		20,135		19,217		19,570
Total Fixed Charges		696,564		756,865		581,821		457,037		292,108
Earnings:
Income Before Income Taxes		739,779		963,537		1,231,642		1,170,919		1,066,523
Fixed Charges		696,564		756,865		581,821		457,037		292,108
Total Earnings	$	1,436,343		1,720,402		1,813,463		1,627,956		1,358,631
Ratio of Earnings to Fixed Charges, Excluding Interest on Deposits	x	2.06		2.27		3.12		3.56		4.65
Including Interest on Deposits:
Fixed Charges:
Interest Expense	$	1,337,795		1,694,576		1,496,552		994,351		564,160
Interest Factor Within Rent Expense (a)		24,618		21,608		20,135		19,217		19,570
Total Fixed Charges		1,362,413		1,716,184		1,516,687		1,013,568		583,730
Earnings:
Income Before Income Taxes		739,779		963,537		1,231,642		1,170,919		1,066,523
Fixed Charges		1,362,413		1,716,184		1,516,687		1,013,568		583,730
Total Earnings	$	2,102,192		2,679,721		2,748,329		2,184,487		1,650,253
Ratio of Earnings to Fixed Charges, Including Interest on Deposits	x	1.54		1.56		1.81		2.16		2.83

(a) The portion of rents shown as representative of the interest factor is one-third of total net operating lease expenses.