BUFFALO, N.Y., May 12, 2011 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") announced that all regulatory
approvals required under the merger agreement in connection with
its proposed acquisition of Wilmington Trust Corporation (NYSE: WL)
("Wilmington Trust") have been received.
M&T recently received approval from the New York State Banking Department, the
Delaware Banking Commissioner and the Office of Thrift Supervision,
having previously received approval from the Board of Governors of
the Federal Reserve System. As previously announced,
Wilmington Trust stockholders approved the merger on March 22, 2011.
The two companies anticipate that the closing of the acquisition
will be effective as of 12:01 AM on
Monday, May 16th. The
operations of Wilmington Trust, and all of its subsidiaries, will
then become part of the M&T Bank Corporation organization.
Immediately following the closing of the acquisition, all
Wilmington Trust bank customer accounts will become M&T Bank
accounts, but the Wilmington Trust bank branches and ATMs will
continue to carry the Wilmington Trust name until such time as a
systems conversion is completed, 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.
"M&T aspires to carry on the mantel that Wilmington Trust
long held -- to be the leading provider of credit and financial
solutions to businesses and families," said Atwood Collins III, President and COO of M&T
Bank's Mid-Atlantic Division. "We also intend to continue
Wilmington Trust's long legacy of generous community support.
Delaware will be an important part
of M&T, and M&T will be an important part of Delaware."
Subject to the terms of the merger agreement, Wilmington Trust
stockholders will receive 0.051372 shares of M&T common stock
in exchange for each share of Wilmington Trust common stock they
own.
Through its subsidiary banks, Wilmington Trust Company and
Wilmington Trust, FSB, Wilmington Trust operates 55 branches and
225 ATMs with $10.9 billion in
assets.
M&T is a financial holding company with $67.9 billion in assets, whose banking
subsidiaries, M&T Bank and M&T Bank, National Association,
operate branch offices in New
York, Pennsylvania,
Maryland, Virginia, West
Virginia, Delaware,
New Jersey and the District of Columbia. M&T Bank
operates more than 725 branches and 1,800 ATMs.
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.
M&T Media
Contact:
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Chet Bridger
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(716) 842-5182
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Wilmington Trust
Contact:
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Megen Morris
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(302) 651-1462
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SOURCE M&T Bank Corporation