M&T Bank Corporation (NYSE:MTB) has officially announced the acquisition of Wilmington Trust (NYSE: WL) making M&T one of the leading banks in the east.
The acquisition of Wilmington Bank will bring about an additional 55 branch locations, 225 ATMs not to mention $10.7 billion in assets to M&T Bank Corporation.
Not only is M&T bank expanding by location, but the acquisition has made the bank one of the largest in the eastern United States. In total, M&T Bank Corporation will be running 780 branches, and 2,000 ATMs spanning across 8 states as well as the District of Columbia and Ontario Canada.
In an earlier press release, Robert G. Wilmers, chairman and CEO of M&T Bank, stated, “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.”
For Wilmington Trust customers not much will change, especially during this quarter. The customer accounts are officially considered M&T bank accounts, but they will still be under the Wilmington Trust name until the system conversion is completed—expected in the third quarter.
When a bank is acquired, customers are usually not given too much prior notice. Wilmington Bank customers can still go about their typical banking in terms of transfers, account access and ATM usage but the procedure with bank products may require an in-branch meeting.
According to the press release, Wilmington Stock holders will be receiving 0.051372 shares of M&T common stock in order to serve as an exchange for an individual share of Wilmington Trust common stock.
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