BUFFALO, N.Y., May 16, 2011 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") announced today that it
completed its acquisition of Wilmington Trust Corporation (NYSE:
WL) ("Wilmington Trust"). 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.
Forward-Looking Statements
This press release contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act giving
M&T's expectations or predictions of future financial or
business performance or conditions. Forward-looking statements are
typically identified by words such as "believe," "expect,"
"anticipate," "intend," "target," "estimate," "continue,"
"positions," "prospects" or "potential," by future conditional
verbs such as "will," "would," "should," "could" or "may", or by
variations of such words or by similar expressions. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties which change over time. Forward-looking
statements speak only as of the date they are made and we assume no
duty to update forward-looking statements.
In addition to factors previously disclosed in our filings with
the U.S. Securities and Exchange Commission and those identified
elsewhere in this press release, the following factors among
others, could cause actual results to differ materially from
forward-looking statements or historical performance: ability to
obtain regulatory approvals and meet other closing conditions to
the merger on the expected terms and schedule; delay in closing the
merger; difficulties and delays in integrating the M&T and
Wilmington Trust businesses or fully realizing cost savings and
other benefits; business disruption following the merger; changes
in asset quality and credit risk; the inability to sustain revenue
and earnings growth; changes in interest rates and capital markets;
inflation; customer acceptance of M&T products and services;
customer borrowing, repayment, investment and deposit practices;
customer disintermediation; the introduction, withdrawal, success
and timing of business initiatives; competitive conditions; the
inability to realize cost savings or revenues or to implement
integration plans and other consequences associated with mergers,
acquisitions and divestitures; economic conditions; and the impact,
extent and timing of technological changes, capital management
activities, and other actions of the Federal Reserve Board and
legislative and regulatory actions and reforms, including those
associated with the Dodd-Frank Wall Street Reform and Consumer
Protection Act. Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose only, are not forecasts
and may not reflect actual results.
Investor Contact:
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Donald J. MacLeod
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(716) 842-5138
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Media Contact:
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Philip Hosmer
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(410) 949-3042
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SOURCE M&T Bank Corporation