M&T Bank Corporation Receives Approval to Acquire Provident Bankshares
19 Maio 2009 - 3:54PM
PR Newswire (US)
Closing Anticipated After the Close of Business on May 22, 2009
BUFFALO, N.Y., May 19 /PRNewswire-FirstCall/ -- M&T Bank
Corporation ("M&T") (NYSE:MTB) announced that regulatory
approval has been received in connection with its proposed
acquisition of Provident Bankshares Corporation ("Provident")
(NASDAQ:PBKS). M&T received approval today from the New York
State Banking Department, having previously received approval from
the Board of Governors of the Federal Reserve System and the
Maryland Commissioner of Financial Regulation. In addition, and as
previously announced by Provident, its stockholders approved the
merger on April 8, 2009. It is anticipated that the merger will be
completed during the second quarter of 2009. Following the merger,
all Provident Bank branches and ATMs will carry the M&T Bank
name, and Provident Bank customer accounts will become M&T Bank
accounts. "We look forward to welcoming Provident Bank customers to
M&T Bank, and bringing them a wider array of products and
services and access to the largest network of branches and ATMs in
the Baltimore-Washington corridor," said Atwood Collins III,
President and COO of M&T Bank's Mid-Atlantic Division. "We also
look forward to expanding our commitment to the communities we
serve in the Mid-Atlantic, an important market for our company."
Under the terms of the merger agreement, Provident stockholders
will receive 0.171625 shares of M&T common stock in exchange
for each share of Provident common stock they own. Provident is the
holding company for Provident Bank, headquartered in Baltimore.
Provident Bank has 143 branches and 198 ATMs with $6.4 billion in
assets. M&T is a bank holding company with $65.8 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 680 branches and 1,600 ATMs. M&T Media Contact: Philip
Hosmer (410) 949-3042 Provident Contact: Vicki Cox (410) 277-2063
DATASOURCE: M&T Bank Corporation CONTACT: M&T Media: Philip
Hosmer, +1-410-949-3042; Provident: Vicki Cox, +1-410-277-2063 Web
Site: http://www.mandtbank.com/
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