M&T Bank Corporation Completes Acquisition of Provident Bankshares Corporation
27 5월 2009 - 3:15AM
PR Newswire (US)
Creates Largest Branch and ATM network in Baltimore-Washington
Corridor BUFFALO, N.Y., May 26 /PRNewswire-FirstCall/ -- M&T
Bank Corporation ("M&T") (NYSE:MTB) announced today that it
completed its acquisition of Provident Bankshares Corporation
("Provident") (NASDAQ:PBKS) and the merger of Provident's banking
subsidiary, Provident Bank, into M&T Bank, M&T's principal
banking subsidiary, on May 23, 2009. Today, 135 former Provident
Bank branches are reopening as branches of M&T Bank, and 190
Provident ATMs have been converted to M&T Bank ATMs. M&T
now has more than 300 branches and 740 ATMs in the
Baltimore-Washington corridor. In total, M&T Bank has more than
800 branches and more than 1,800 ATMs throughout the Mid-Atlantic
and Northeast. "The union of Provident Bank and M&T Bank
creates a strong organization with talented employees that will
benefit our combined customer base," said Woody Collins, President
of M&T Bank's Mid-Atlantic Division. "We are looking forward to
serving our new customers, who will find the same friendly and
experienced associates serving them now at M&T Bank. Our new
customers will have access to the largest branch and ATM network in
the Baltimore-Washington corridor and to a wider array of products
and services. Our new employees will find that M&T Bank is
deeply committed to their success -- and to the success of the
customers and communities we serve." All accounts and balances have
been transferred from Provident Bank to M&T Bank, and new
checks and ATM cards have been sent to former Provident Bank
customers. Rates and terms have not been changed on CDs,
installment loans, lines of credit or overdraft protection
accounts. For specific information about the transfer of Provident
Bank accounts to M&T Bank, customers can call 1-800-414-9435 or
visit http://www.mtb.com/provident. Under the terms of the merger
agreement, Provident common stockholders will receive 0.171625
shares of M&T common stock in exchange for each share of
Provident common stock they own and holders of Provident's
preferred stock will receive shares of new series of M&T
preferred stock having substantially identical terms. Gary N.
Geisel, Provident Chairman and CEO, was named a director of M&T
Bank Corporation and M&T Bank, effective upon completion of the
merger. M&T is a bank holding company which had $64.9 billion
in assets as of March 31, 2009 and Provident had $6.5 billion in
assets on that date. M&T's 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. Investor
Contact: Donald J. MacLeod (716) 842-5138 Media Contact: Philip
Hosmer (410) 949-3042 DATASOURCE: M&T Bank Corporation CONTACT:
Investor Contact: Donald J. MacLeod, +1-716-842-5138; or Media
Contact: Philip Hosmer, +1-410-949-3042 Web Site:
http://www.mtb.com/provident
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