Exhibit 99.3 [M&T BANK LOGO] Acquisition of Keystone Financial, Inc. A Logical and Attractive Franchise Extension Investor Presentation May 17, 2000 - -------------------------------------------------------------------------------- M&T Management Conference Call Information - -------------------------------------------------------------------------------- The senior management team of M&T will present an overview of the Keystone transaction and respond to investor questions via conference call on May 17, 2000 at 10:30 am eastern standard time. Please call in at least 10 minutes prior to the start of the call. ---------------------------------------- - ------------------------- A taped playback of the call will be available through June 16, 2000 Dial-In Number: (888) 603-9742 Pass Code: 11111 Play-Back Number: (888) 433-2207* - ------------------------------------------------- * Will not become available until one hour after the conference call is completed. Keystone M&T Bank ------------------------------------------------------------- Financial - -------------------------------------------------------------------------------- Forward Looking Information - -------------------------------------------------------------------------------- This presentation contains forward looking statements with respect to the financial condition, results of operations and business of M&T Bank Corporation ("M&T") and Keystone Financial, Inc. ("Keystone") and assuming the consummation of the transaction, a combined M&T and Keystone, including statements relating to: (i) the cost savings and revenue enhancements and accretion to reported and cash earnings that will be realized from the merger; and (ii) the restructuring charges expected to be incurred in connection with the merger. These forward looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among other things, the following possibilities: (i) expected cost savings from the merger cannot be fully realized or realized within the expected time; (ii) revenues following the merger are lower than expected; (iii) competitive pressure among depository institutions increase significantly; (iv) the integration of the business of M&T and Keystone costs more, takes longer or is less successful than expected; (v) the cost of additional capital is more than expected; (vi) changes in the interest rate environment reduces interest margins; (vii) general economic conditions, either nationally or in the states in which the combined company will be doing business, are less favorable than expected; (viii) legislation or regulatory requirements or changes adversely affect the business in which the combined company will be engaged; and (ix) changes may occur in the securities market. Neither M&T nor Keystone assume any obligation to update forward looking statements. Keystone M&T Bank ------------------------------------------------------------- Financial - -------------------------------------------------------------------------------- Transaction Summary - -------------------------------------------------------------------------------- Transaction: Acquisition of Keystone by M&T Transaction Value: $21.01 per Keystone share/(a) Approximately $1.03 billion in aggregate value M&T Stock Split: 10-for-1 Consideration/Election Procedure: Cash/stock election procedure subject to proration such that 35% of total Keystone shares receive cash and 65% receive M&T common stock Pricing Mechanism: Exchange ratio of 0.05x (pre-split) on the stock consideration and cash consideration of $21.50 per share are both fixed Collars / Walk-Aways: None M&T Dividend: 100% increase to $10.00 per share (pre-split) Accounting Treatment: Purchase accounting (goodwill amortized over 20 years straight-line; core deposit intangible amortized over 7 years accelerated) - --------------------------------------- (a) Based on M&Ts closing price of $415.00 on May 16, 2000. Keystone M&T Bank ------------------------------------------------------------- Financial 1 - -------------------------------------------------------------------------------- Transaction Summary - -------------------------------------------------------------------------------- Synergies: $43 million pre-tax (approximately 20% of Keystone's total non-interest expense) Restructuring Charge: Estimated at $52 million after-tax ($75 million pre-tax) Management: Robert G. Wilmers - President & CEO Robert J. Bennett - Chairman Jorge G. Pereira - Vice Chairman Carl L. Campbell - Vice Chairman Board of Directors: 5 Board seats granted to Keystone out of a pro forma total of 26 M&T Board seats Due Diligence: Comprehensive due diligence completed, including credit file reviews Approvals: Shareholders of M&T and Keystone Normal regulatory approvals Expected Closing: Fourth quarter 2000 Pro Forma Ownership: 20% M&T Insiders 5% Warren Buffett Keystone M&T Bank ------------------------------------------------------------- Financial 2 - -------------------------------------------------------------------------------- Strategic Rationale - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Management Interests Remain Aligned with Shareholder Interests - -------------------------------------------------------------------------------- [PIE CHARTS ILLUSTRATING EXISTING AND PROFORMA OWNERSHIP OF M&T BANK CORPORATION STOCK] Keystone M&T Bank ------------------------------------------------------------- Financial 3 - -------------------------------------------------------------------------------- A Logical Franchise Extension - -------------------------------------------------------------------------------- o Logical geographic extension of M&T's strong New York franchise / / Already #1 in deposit market share in Upstate New York, pro forma M&T would also rank #1 in Central Pennsylvania - Combined geographic area of Upstate New York and Central Pennsylvania would rank as the 10th largest U.S. state in terms of total deposits / / Ability to leverage M&T's proven New York super-community banking strategy across Keystone's franchise / / Familiarity with these markets - Existing M&T presence through the ONBANCorp acquisition - Similar demographics - M&T has proven that it can generate top-tier performance and growth in these markets / / Increases scale of banking franchise / / Complementary business models - New small business and middle market lending opportunities for M&T - Enhances M&T's Trust and Investment Services business, adding $3.3 billion in assets under management, including $1.2 billion in mutual funds Keystone M&T Bank ------------------------------------------------------------- Financial 4 - -------------------------------------------------------------------------------- Low Level of Operational Risk - -------------------------------------------------------------------------------- o Proven integration experience at M&T under the current management team o History of delivering and even exceeding on projections at M&T: / / Exceeded the EPS projection made at announcement in the ONBANCorp transaction by 4% / / One of only 6 banks to do so out of 27 total banks who have announced deals greater than $850 million in value since 1995 / / In the 17 quarters since 1995, M&T has exceeded the consensus First Call quarterly estimates by an average of 2% per quarter o Only the third largest deal announced by M&T on a relative basis o Integration will be facilitated by KSTN's 1999 consolidation of its banks under a single charter o Minimal business disruption expected given no branch overlap Keystone M&T Bank ------------------------------------------------------------- Financial 5 - -------------------------------------------------------------------------------- Financially Attractive with Straightforward, Conservative Assumptions - -------------------------------------------------------------------------------- o Had the deal been accounted for as a pooling, it would have been accretive in the first full year o As structured, the transaction is accretive to cash EPS in the first full year o Favorably priced relative to comparable transactions o Generates an internal rate of return ("IRR") well in excess of M&T's cost of equity capital o Financing mix is shareholder focused: / / Blended cost of capital has been minimized / / Cash flow per share is significantly improved compared to a pooling deal o No revenue enhancements have been assumed, but opportunities have been identified Keystone M&T Bank ------------------------------------------------------------- Financial 6 - -------------------------------------------------------------------------------- Favorably Priced Relative to Comparable Transactions - -------------------------------------------------------------------------------- Implied Comparable MTB/KSTN MTB/KSTN Transactions Multiples as a % of Multiples Average (a) Comparable Avg. --------- ----------- --------------- Price as a Multiple of: LTM Cash EPS 11.9x/(b) 17.3x 69% Forward Cash EPS 10.8/(c) 15.2 71 LTM GAAP EPS 12.5/(b) 18.9 66 Forward GAAP EPS 11.3/(c) 16.3 69 Book Value 1.84/(b) 2.69 69 Tangible Book Value 2.04/(b) 3.08 66 Tangible Book Premium to Deposits 10.4%/(b) 26.1% 40 Premium to Market - 1 Day Prior to Announcement 33.4 29.4 114 Premium to Market - 30 Day Average Price 31.5 27.9 113 - ------------------------------------------------- (a) Comparable transactions include billion dollar plus traditional bank acquisitions announced since January 1, 1999; seven deals in total. (b) Based on financial results for the 12 month period ended March 31, 2000. (c) Based on First Call quarterly estimates as of May 16, 2000 for the next four quarters through March 31, 2001. Keystone M&T Bank ------------------------------------------------------------- Financial 7 - -------------------------------------------------------------------------------- Consistent with M&T's Geographic Strategy - "The Highway Franchise" - -------------------------------------------------------------------------------- [MAP ILLUSTRATING BRANCH LOCATIONS] - --------------------------------------- Sources: SNL Securities, L.P. & MapInfo. Keystone M&T Bank ------------------------------------------------------------- Financial 8 - -------------------------------------------------------------------------------- Pro Forma M&T: #1 in Upstate New York and #1 in Central Pennsylvania - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Deposit Share - Upstate NY/(a) - -------------------------------------------------------------------------------- Deposits Rank Institution ($MM) % Share ---------- -------------------------------------- ------------ ----------- -------------------------------------------------------------------------- 1 Current M&T Bank $12,277 16.11% -------------------------------------------------------------------------- 2 HSBC Holdings, Plc 11,460 15.04 3 KeyCorp 6,716 8.81 4 FleetBoston Financial 6,714 8.81 5 Charter One Financial 5,219 6.85 6 Chase Manhattan Corp. 3,126 4.10 7 Trustco Bank Corp of NY 1,904 2.50 8 BSB Bancorp Inc. 1,827 2.40 9 Community Bank System Inc. 1,372 1.80 10 Premier National 1,226 1.61 11 Niagara Bancorp Inc. (Mhc) 1,167 1.53 12 Citigroup Inc. 1,031 1.35 - -------------------------------------------------------------------------------- Deposit Share - Central PA/(b) - -------------------------------------------------------------------------------- Deposits Rank Institution ($MM) % Share ---------- -------------------------------------- ------------ ----------- ------------------------------------------------------------------------- - Pro Forma M&T Bank $4,222 9.11% ------------------------------------------------------------------------- 1 Allfirst 4,117 8.89 2 Keystone 3,512 7.58 3 PNC Financial 3,113 6.72 4 Fulton Financial 2,768 5.97 5 First Union 2,472 5.34 6 Harris Financial 2,271 4.90 7 Mellon Financial 2,057 4.44 8 Susquehanna 1,613 3.48 9 Sovereign Bancorp 1,498 3.23 10 Northwest Bancorp 1,258 2.72 16 Current M&T Bank 710 1.53 - --------------------------------------- Source: SNL Securities, L.P. (a) Includes only NY counties north of Westchester, excluding New York, Queens, Nassau, Suffolk, Bronx, Richmond, Rockland, Kings and Westchester (b) Includes only PA counties east of Jefferson / Indiana counties and west of Carbon / Lehigh counties (i.e., excludes counties surrounding Pittsburgh and Philadelphia). Keystone M&T Bank ------------------------------------------------------------- Financial 9 - -------------------------------------------------------------------------------- Enhanced Financial Scale Creating a Leading Northeast Bank - -------------------------------------------------------------------------------- ($ in millions) Pro Forma Rank Among Rank Among Combined ($) U.S. Banks(a) Northeast Banks(b) ------------ ------------- ------------------ 1999 Net Income(c) $349.3 #32 #5 1999 Net Income with full synergies(c) 377.5 30 5 Market Capitalization(d) 3.9 31 5 Assets 29.8 29 5 Net Loans 21.9 27 5 Deposits 20.2 29 5 Common Equity 2.4 28 5 - --------------------------------------- * Source: SNL Securities, L.P. Balance sheet results as of March 31, 2000. (a) Includes all independent U.S. commercial banks. (b) Includes banks headquartered in NY, PA, MA, CT, ME, VT, DE, MD, RI, NH and NJ. Excludes money center banks. (c) Excludes nonrecurring charges. (d) Based on pro forma shares outstanding and M&T's price of $415.00 as of May 16, 2000. No market value attributed to expected synergies. Keystone M&T Bank ------------------------------------------------------------- Financial 10 - -------------------------------------------------------------------------------- Merger Integration Experience at M&T - -------------------------------------------------------------------------------- Deposits Deposits Acquired/ Announce Acquired Current Rank M&T Deposits Date Target ($MM) Primary City in Target City at Announcement -------- ------------------------- -------- ---------------------- -------------- --------------- - ----------------------------------------------------------------------------------------------------------------------------- - Keystone $5,052 NM NM 33.3% - ----------------------------------------------------------------------------------------------------------------------------- 6/4/99 Chase Branches $634 Binghamton #2 4.3% 12/9/98 FNB Rochester 498 Rochester 2 3.3 10/28/97 ONBANCorp Inc. 4,025 Syracuse 1 35.9 4/1/94 Ithaca Bancorp 339 Ithaca 2 4.6 2/24/92 Central Trust and 1,312 Rochester, Binghamton 2 17.6 Endicott Trust 5/31/91 GoldDome 2,100 GoldDome 1 33.8 9/28/90 Empire of America 1,300 Buffalo 1 21.0 1/26/90 Monroe Savings 486 Rochester 2 7.8 East New York Savings Mid-Atlantic Banks Keystone M&T Bank ------------------------------------------------------------- Financial 11 - -------------------------------------------------------------------------------- Financial Impact - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Baseline "Street" Assumptions - -------------------------------------------------------------------------------- ("Street Estimates Utilized for Both Companies -- Does not Constitute Management Forecasts*) o M&T Stand-Alone "Street" Assumptions: // 2001 First Call consensus estimate of $40.32 per share (fd) // 2001 implied First Call aggregate net income of $311 million // EPS grown at a rate of 10.5% annually after 2001 (I/B/E/S) // Continue to deploy excess capital to maximize shareholder returns o Keystone Stand-Alone "Street" Assumptions: // 2001 First Call consensus estimate of $1.83 per share (fd) // 2001 implied First Call aggregate net income of $89 million // EPS grown at a rate of 8.5% annually after 2001 (I/B/E/S) - ------------------------------------------------- * "Street" estimates include First Call and I/B/E/S sources. First Call and I/B/E/S are recognized data services that monitor and publish compilations of earnings estimates by select research analysts regarding companies of interest to institutional investors. Keystone M&T Bank ------------------------------------------------------------- Financial 12 - -------------------------------------------------------------------------------- Pro Forma Impact Based on "Street" Estimates - -------------------------------------------------------------------------------- ($ in Millions, except per Share Amounts) 2001 2002 2003 ------ ------ ------ M&T Earnings $311.1 $337.8 $366.6 Keystone Earnings 89.4 97.0 105.2 ------ ------ ------ Combined Earnings $400.6 $434.9 $471.8 Cost Savings (after-tax) $14.1 $28.2 $29.3 Net Cost of Financing (23.5) (22.5) (22.6) Amortization Add-back for KSTN 4.1 4.1 4.1 New Intangible Amortization (41.2) (39.0) (36.6) ------ ------ ------ Pro Forma Earnings $354.1 $405.7 $446.1 ====== ====== ====== ------------------------------------------------------------------------------ Pro Forma CASH EPS $46.92 $53.29 $58.77 Pro Forma GAAP EPS $37.61 $44.03 $49.56 ------------------------------------------------------------------------------ Average Shares Outstanding (fd) 9.4 9.2 9.0 ------------------------------------------------------------------------------ Cash EPS Accretion / (Dilution) 1.3% 5.2% 6.0% GAAP EPS Accretion / (Dilution) (6.7)% (1.2%) 0.7% ------------------------------------------------------------------------------ - ------------------------------------------------- * Based on "Street" estimates for both companies and does not constitute Management forecasts. Excludes estimated merger related charges. Keystone M&T Bank ------------------------------------------------------------- Financial 13 - -------------------------------------------------------------------------------- Strong Pro Forma Financial Position - -------------------------------------------------------------------------------- ($ in Millions) At March 31, 2000 ---------------------------- M&T Keystone Pro Forma(a) ------- -------- ------------ Balance Sheet Items: Total Assets $22,762 $7,012 $30,221 Total Gross Loans 17,703 4,533 22,236 Total Deposits 15,151 5,053 20,203 Intangibles 638 53 1,203 Equity 1,832 556 2,646 Reserves for Loans Losses 319 61 379 Capital Securities 310 0 490 Capital Ratios: Equity/Assets 8.1% 7.9% 8.8% Tang. Common Equity/Assets 5.4 7.2 5.0 Asset Quality Ratios: NPAs/Loans + REO 0.43% 0.86% 0.52% Loan Loss Reserve/NPLs 475.7 168.9 368.5 Loan Loss Reserve/Loans 1.8 1.3 1.7 - ------------------------------------------------- (a) At 12/31/00, includes impact of restructuring charges and other purchase accounting adjustments. Keystone M&T Bank ------------------------------------------------------------- Financial 14 - -------------------------------------------------------------------------------- Rapid Generation of Deployable Capital - -------------------------------------------------------------------------------- - --------------------------------------------- Tangible Common Equity Ratio - --------------------------------------------- o Current M&T (3/31/00): 5.40% o Pro Forma (12/31/00): 5.00% o Targeted Pro Forma Ratio: 5.40% - --------------------------------------------- Pro Forma Cumulative Deployable Capital ($ millions)(a) ------------------------------------------------------- PF 12/31/01 $88 PF 12/31/02 $311 PF 12/31/03 $536 - ------------------------------------------------- (a) Represents the cumulative tangible capital at each period end in excess of the amount required to produce a 5.40% tangible common equity ratio. Keystone M&T Bank ------------------------------------------------------------- Financial 15 - -------------------------------------------------------------------------------- Expected Synergies - -------------------------------------------------------------------------------- ($ in Millions, pre-tax) o 50% of the synergies are expected to be achieved in 2001 and 100% in 2002 KSTN Estimated % Expenses(a) Savings Savings ----------- ------- ------- Corporate Overhead $76 $25 33% Business Line Consolidation 73 4 6 Facilities 43 6 15 Technology and Operations 24 8 33 ----------- ------- ------- Total $216 $43 20% =========== ======= ======= -------------------------------------------------------------------------------- Implied Marginal Efficiency Ratio for KSTN: 48% -------------------------------------------------------------------------------- o While no revenue enhancements have been assumed, specific opportunities have been identified - ------------------------------------------------- (a) Represents Q1'00 Keystone expenses annualized. Keystone M&T Bank ------------------------------------------------------------- Financial 16 - -------------------------------------------------------------------------------- Estimated Merger Related Charges - -------------------------------------------------------------------------------- ($ in Millions) Pre-Tax After-Tax Total Total ----- ----- Human Resources Related $29 $20 Conversion Costs 23 15 Facilities and Equipment 16 10 Deal Costs 7 7 --- --- Total $75 $52 === === Keystone M&T Bank ------------------------------------------------------------- Financial 17 - -------------------------------------------------------------------------------- Summary - -------------------------------------------------------------------------------- o Transaction makes strategic and financial sense with manageable execution risk: / / Logical geographic expansion into familiar markets / / Creates the #1 bank in Central Pennsylvania / / Immediately accretive to cash EPS / / Attractive IRR / / Similar cultures and community banking operating models / / Complementary business lines / / Effective use of excess capital Keystone M&T Bank ------------------------------------------------------------- Financial 18 - -------------------------------------------------------------------------------- History of Consistently Superior Shareholder Returns - -------------------------------------------------------------------------------- ---------------------------------------- Total Stock Appreciation Since 1990: ------------------------------------ M&T = 568% S&P Regional Bank Index = 287% ---------------------------------------- S&P Reg'l Bank Index M&T ----- --- S&P Banks Index M&T ---- --- 1/1/90 100% 100% 2/1/90 103% 99% 3/1/90 98% 102% 4/1/90 94% 101% 5/1/90 104% 102% 6/1/90 96% 97% 7/1/90 89% 91% 8/1/90 78% 84% 9/1/90 66% 77% 10/1/90 59% 74% 11/1/90 71% 82% 12/1/90 74% 85% 1/1/91 81% 86% 2/1/91 91% 98% 3/1/91 97% 110% 4/1/91 104% 120% 5/1/91 111% 131% 6/1/91 103% 136% 7/1/91 112% 147% 8/1/91 120% 151% 9/1/91 117% 149% 10/1/91 118% 145% 11/1/91 110% 136% 12/1/91 125% 155% 1/1/92 128% 164% 2/1/92 138% 200% 3/1/92 133% 188% 4/1/92 140% 200% 5/1/92 142% 201% 6/1/92 142% 197% 7/1/92 140% 205% 8/1/92 133% 201% 9/1/92 132% 208% 10/1/92 136% 210% 11/1/92 151% 220% 12/1/92 156% 209% 1/1/93 160% 215% 2/1/93 165% 219% 3/1/93 175% 233% 4/1/93 166% 235% 5/1/93 163% 222% 6/1/93 174% 213% 7/1/93 171% 227% 8/1/93 169% 216% 9/1/93 174% 219% 10/1/93 159% 224% 11/1/93 155% 217% 12/1/93 162% 219% 1/1/94 166% 223% 2/1/94 160% 211% 3/1/94 159% 217% 4/1/94 167% 217% 5/1/94 175% 233% 6/1/94 170% 244% 7/1/94 172% 252% 8/1/94 176% 245% 9/1/94 163% 236% 10/1/94 161% 234% 11/1/94 148% 226% 12/1/94 148% 212% 1/1/95 158% 229% 2/1/95 167% 258% 3/1/95 167% 266% 4/1/95 169% 250% 5/1/95 186% 258% 6/1/95 183% 267% 7/1/95 188% 275% 8/1/95 197% 285% 9/1/95 207% 296% 10/1/95 207% 306% 11/1/95 223% 324% 12/1/95 224% 339% 1/1/96 227% 350% 2/1/96 236% 375% 3/1/96 241% 383% 4/1/96 237% 370% 5/1/96 240% 367% 6/1/96 238% 375% 7/1/96 238% 388% 8/1/96 252% 396% 9/1/96 267% 388% 10/1/96 287% 400% 11/1/96 314% 437% 12/1/96 296% 448% 1/1/97 320% 464% 2/1/97 337% 503% 3/1/97 314% 498% 4/1/97 330% 501% 5/1/97 340% 500% 6/1/97 356% 525% 7/1/97 393% 559% 8/1/97 370% 569% 9/1/97 397% 646% 10/1/97 391% 637% 11/1/97 415% 657% 12/1/97 435% 724% 1/1/98 416% 710% 2/1/98 448% 735% 3/1/98 476% 778% 4/1/98 479% 794% 5/1/98 460% 791% 6/1/98 471% 862% 7/1/98 461% 828% 8/1/98 361% 638% 9/1/98 401% 718% 10/1/98 435% 776% 11/1/98 448% 776% 12/1/98 470% 808% 1/1/99 449% 778% 2/1/99 452% 740% 3/1/99 446% 746% 4/1/99 491% 870% 5/1/99 468% 820% 6/1/99 480% 856% 7/1/99 446% 840% 8/1/99 423% 722% 9/1/99 405% 714% 10/1/99 466% 771% 11/1/99 435% 732% 12/1/99 394% 645% 1/1/00 381% 640% 2/1/00 320% 574% 3/1/00 387% 695% 4/1/00 354% 684% 5/1/00 387% 668% - ------------------------------------------------- Source: FactSet Datasystems Keystone M&T Bank ------------------------------------------------------------- Financial 19