BUFFALO, N.Y. April 26, 2011 /PRNewswire/ -- M&T Bank
Corporation ("M&T")(NYSE: MTB) announced today that its
application to acquire Wilmington Trust Corporation ("WTC") (NYSE:
WL) has been approved by the Board of Governors of the Federal
Reserve System. Additional regulatory approvals, including
those from the New York State
Banking Superintendent and the Delaware Banking Commissioner, are
still pending. Subject to the terms and conditions of the
merger agreement, M&T expects to close the merger with WTC
promptly after receiving the remaining regulatory approvals and
after the 15-day waiting period associated with the Federal Reserve
Board's approval order has expired.
As noted at the time the merger with WTC was announced on
November 1, 2010, following
completion of the merger, M&T expects its capital ratios at the
end of the second quarter of 2011 to be comparable to what they
were as of September 30, 2010.
Pursuant to its capital plan, M&T intends to undertake a
series of actions during the second quarter of 2011:
- Simultaneous with the closing of the merger, M&T intends to
redeem the $330 million of preferred
stock that was issued to the U.S. Department of the Treasury
("Treasury Department") by WTC pursuant to the Troubled Asset
Relief Program ("TARP").
- By the end of the second quarter of 2011, M&T intends to
repay an additional $370 million of
the TARP preferred stock issued to the Treasury Department by
Provident Bankshares Corporation and by M&T.
- To supplement its Tier 1 capital, M&T will issue
$500 million of new perpetual
preferred stock prior to the end of the second quarter of
2011.
Rene F. Jones, M&T's
Executive Vice President and Chief Financial Officer, commented,
"We are pleased to have reached another milestone toward completion
of our merger with Wilmington Trust. In addition, our
planned capital actions will sustain our strong capital base and
enable us to continue to meet the credit needs of our consumer and
commercial customers throughout the communities we serve."
Under the terms of the merger agreement, upon closing of the WTC
merger, WTC shareholders will receive 0.051372 shares of M&T
common stock in exchange for each share of WTC common stock they
own. As previously announced by WTC, its shareholders
approved the merger on March 22,
2011.
M&T is a financial holding company headquartered in
Buffalo, New York. M&T's
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, the District of Columbia and Ontario, Canada.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES
NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO
BUY ANY SECURITIES AND SHALL NOT CONSTITUTE AN OFFER, SOLICITATION
OR SALE OF ANY SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL. THE offering may be made
only by means of a prospectus.
M&T has an existing shelf registration statement on file
with the Securities and Exchange Commission (SEC) and will file a
prospectus supplement prior to offering its securities, as
applicable. Before you invest, you should read the registration
statement (including the base prospectus), the prospectus
supplement and other documents M&T has filed with the SEC for
more complete information about M&T and any such offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, M&T will arrange to
send you any such prospectus if you request it by calling (716)
842-5138.
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 (the "SEC") and those
identified elsewhere in this presentation, 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:
Donald J. MacLeod
(716) 842-5138
MEDIA CONTACT:
Philip Hosmer
(410) 916-0790
SOURCE M&T Bank Corporation