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M&T Bank, Provident Bankshares combine in stock-for-stock transaction
By Lisa Kerner
Charlotte, N.C., May 26 - M&T Bank Corp. announced on Tuesday that it completed its acquisition of Provident Bankshares Corp. on Saturday.
Provident's banking subsidiary, Provident Bank, was merged into M&T Bank.
Gary N. Geisel, Provident chairman and chief executive officer, was named a director of M&T and M&T Bank, an M&T news release said.
In December, M&T agreed to acquire Provident in a stock-for-stock transaction valued at about $401 million.
Provident shareholders will receive 0.171625 shares of M&T common stock in exchange for each share of Provident common stock they own.
Under the terms of the merger agreement, Provident preferred stock will be exchanged for shares of preferred stock of M&T.
Buffalo-based M&T is the holding company for M&T Bank and M&T Bank, NA. It operates branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia.
Provident is the holding company for Baltimore-based Provident Bank.
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