M&T Bank Corp. and Wilmington Trust Corp. have entered into a definitive agreement under which Wilmington Trust will merge with M&T.
Headquartered in Buffalo, N.Y., M&T has $68.2 billion in assets, and has extensive operations in the Mid-Atlantic region. Wilmington Trust, based in Wilmington, Del., has $10.4 billion in assets.
In announcing the merger, Wilmington Trust Chairman and CEO Donald E. Foley said the financial services holding company has faced ‘difficult financial realities associated with the credit quality of the loan portfolio in our banking business.’
After reviewing several options, Wilmington Trust's board of directors elected to merge with M&T.
‘This strategic partnership brings together two institutions that share many common values and that operate several distinct but complementary lines of business,’ said M&T Chairman and CEO Robert G. Wilmers.
SOURCE: M&T Bank Corp.