M&T Bank completes acquisition of Wilmington Trust

May 16, 2011 Updated May 16, 2011 at 12:08 PM EDT

By WKBW News


M&T Bank completes acquisition of Wilmington Trust

May 16, 2011 Updated May 16, 2011 at 12:08 PM EDT

Buffalo, N.Y. (WKBW release) -- M&T Bank Corporation announced on Monday that it completed its acquisition of Wilmington Trust Corporation. Wilmington Trust and all of its subsidiaries are now part of the M&T organization.

The acquisition of Wilmington Trust forms one of the largest and strongest banks in the eastern United States, adding to M&T's market-leading positions in Upstate New York, Central Pennsylvania and the Mid-Atlantic region.

M&T is adding 55 branch locations, 225 ATMs, and $10.7 billion in assets, prior to purchase accounting adjustments. M&T now operates approximately 780 retail and commercial branches and 2,000 ATMs in eight states, the District of Columbia and Ontario, Canada.

Today, all Wilmington Trust bank customer accounts became M&T Bank accounts, but Wilmington Trust bank branches and ATMs will continue to carry the Wilmington Trust name until the completion of a systems conversion, which is expected to occur during the third quarter. During this interim period, Wilmington Trust branches will be operated as a division of M&T Bank.

M&T will continue to conduct the Wilmington Trust Wealth Advisory Services and Corporate Client Services businesses using the Wilmington Trust brand.

"This is the second largest acquisition in our history, and the complementary strengths of Wilmington Trust and M&T create a dynamic organization with talented employees that's well-positioned to serve our customers and communities," said Robert G. Wilmers, Chairman and CEO of M&T. "M&T now offers one of the nation's premier wealth management services with approximately $81 billion of assets under management. To Wilmington Trust's strong corporate trust and wealth advisory businesses, M&T brings strength, stability and a strong credit culture."

Subject to the terms of the merger agreement, Wilmington Trust stockholders are receiving 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock they owned.

M&T is a financial holding company now having approximately $78 billion in assets, whose banking subsidiaries, M&T Bank and M&T Bank, National Association operate retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, New Jersey, Delaware, Florida, the District of Columbia and Ontario, Canada.