Federal Reserve Board issues enforcement action against former employee of Manufacturers and Traders Trust Company

1 UNITED STATES OF AMERICA BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. In the Matter of Matthew Cheong, also known as HENG KEAN CHEONG, A Former Institution-Affiliated Party of MANUFACTURERS AND TRADERS TRUST COMPANY, Buffalo, New York A State Member Bank Docket No. 26-030-E-1

Order of Prohibition Issued Upon Consent Pursuant to Section 8(e) of the Federal Deposit Insurance Act, as Amended WHEREAS, the Board of Governors of the Federal Reserve System (the “Board of Governors”), pursuant to section 8(e) of the Federal Deposit Insurance Act, as amended (the “FDI Act”), 12 U.S.C. § 1818(e), issues this Order of Prohibition (this “Order”) upon the consent of Respondent Matthew Cheong, also known as Heng Kean Cheong (“Cheong”), a former employee and institution-affiliated party, as defined in sections 3(u) and 8(b)(3) of the FDI Act, 12 U.S.C. §§ 1813(u) and 1818(b)(3), of Manufacturers and Traders Trust Company (the “Bank”), a state member bank; WHEREAS, Cheong was employed as a senior relationship banker at the Bank until his termination on February 12, 2025; WHEREAS, in a series of transactions from at least November 2024 through January 2025, Cheong embezzled approximately $95,000 from the Bank’s branch vault, including by forging cash counts and vault verifications; WHEREAS, Cheong’s conduct constituted violations of law or regulation, unsafe or unsound banking practices, or breaches of fiduciary duty, and involved his personal dishonesty

2 or his willful or continuing disregard for the Bank’s safety and soundness; and WHEREAS, by affixing his signature hereunder, Cheong has consented to the issuance of this Order by the Board of Governors and has agreed to comply with each and every provision of this Order, and has waived any and all rights he might have pursuant to 12 U.S.C. § 1818, 12 C.F.R. Part 263, or otherwise: (a) to the issuance of a notice of intent to prohibit on any other matter implied or set forth in this Order; (b) to a hearing for the purpose of taking evidence with respect to any matter implied or set forth in this Order; (c) to obtain judicial review of this Order or any provision hereof; and (d) to challenge or contest in any manner the basis, issuance, terms, validity, effectiveness, or enforceability of this Order or any provision hereof. NOW THEREFORE, before the filing of any notices, or the taking of any testimony or adjudication of or finding on any issue of fact or law implied or set forth herein, and without Cheong’s admitting or denying any allegation made or implied by the Board of Governors in connection herewith, and solely for the purpose of settling this matter without a formal proceeding being filed and without the necessity for protracted or extended litigation, IT IS HEREBY ORDERED that:

1. Cheong, without the prior written approval of the Board of Governors and, where necessary pursuant to section 8(e)(7)(B) of the FDI Act, 12 U.S.C. § 1818(e)(7)(B), another Federal financial institutions regulatory agency, is hereby and henceforth prohibited from: a. participating in any manner in the conduct of the affairs of any institution or agency specified in section 8(e)(7)(A) of the FDI Act, 12 U.S.C. § 1818(e)(7)(A), including, but not limited to, any insured depository institution or any holding company of an insured depository institution, or any subsidiary of such holding company, or any foreign bank or company

3 to which subsection (a) of 12 U.S.C. § 3106 applies and any subsidiary of such foreign bank or company; b. soliciting, procuring, transferring, attempting to transfer, voting or attempting to vote any proxy, consent, or authorization with respect to any voting rights in any institution described in section 8(e)(7)(A) of the FDI Act, 12 U.S.C. § 1818(e)(7)(A); c. violating any voting agreement previously approved by any Federal banking agency; and d. voting for a director, or serving or acting as an institution-affiliated party, as defined in sections 3(u) and 8(b)(3) of the FDI Act, 12 U.S.C. §§ 1813(u) and 1818(b)(3), such as an officer, director or employee, in any institution described in section 8(e)(7)(A) of the FDI Act, 12 U.S.C. § 1818(e)(7)(A). 2. All communications regarding this Order shall be addressed to: a. Richard M. Ashton, Esq. Deputy General Counsel David Williams, Esq. Senior Associate General Counsel Board of Governors of the Federal Reserve System 20th & C Streets, NW Washington, DC 20551 b. Matthew Cheong 3. Any violation of this Order shall separately subject Cheong to appropriate civil or criminal penalties, or both, under sections 8(i) and (j) of the FDI Act, 12 U.S.C. §§ 1818(i) and (j). 4. The provisions of this Order shall not bar, estop, or otherwise prevent the Board

4 of Governors, or any other Federal or state agency or department, from taking any other action affecting Cheong; provided, however, that the Board of Governors shall not take any further action against Cheong on any matters concerning or arising from the matters addressed by this Order based upon facts presently known by the Board of Governors. This release and discharge shall not preclude or affect (i) any right of the Board of Governors to determine and ensure compliance with this Order, or (ii) any proceedings brought by the Board of Governors to enforce the terms of this Order. 5. Each provision of this Order shall remain fully effective and enforceable until expressly stayed, modified, terminated, or suspended in writing by the Board of Governors.

5 By order of the Board of Governors of the Federal Reserve System, effective this 8th day of June, 2026. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM /s/ Matthew Cheong Matthew Cheong By: /s/ Michele Taylor Fennell Michele Taylor Fennell Associated Secretary of the Board