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Wilmington Trust and M&T Banks Merge
M&T Bank Corporation will be merging with Wilmington Trust and thus becoming a major lender in the eastern part of the US.
The deal is worth $351 million and will come to a close around mid next year.
Wilmington Trust Chairman and CEO Donald Foley said:
"As our third quarter earnings announcement shows, we continue to face difficult financial realities associated with the credit quality of the loan portfolio in our banking business. As a result, our board examined a range of strategic alternatives and has held discussions with several potential partners."
Robert G. Wilmers, CEO of M&T, said:
"We are building an even more powerful franchise with strength and stability, scale and density and top-of-class products and services."