M&T Bank to close on Wilmington deal Monday

Wilmington has wealth management and corporate services in Maryland; no branches

May 12, 2011|By Hanah Cho, The Baltimore Sun

M&T Bank Corp. is expected to close Monday on the purchase of Wilmington Trust Corp. after receiving all regulatory approvals required under the deal, M&T announced Thursday.

Delaware-based Wilmington Trust, struggling with bad real estate loans, agreed in November to sell itself to Buffalo, N.Y.-based M&T for $351 million.

Wilmington Trust Corp. does not operate retail branches in Maryland. It has wealth management and corporate client offices in Baltimore and Bel Air. M&T Bank officials have said they will retain the 35 employees in those two offices.

After the deal's closing, Wilmington Trust bank customer accounts will become M&T Bank accounts, but Wilmington Trust branches will retain its name until a systems conversion is completed during the third quarter.

Wilmington's wealth management and corporate client services businesses will maintain the Wilmington Trust brand.


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