The Buffalo-based bank that acquired Provident Bank in 2009 to gain a substantial Richmond presence received the go-ahead Tuesday from regulators for yet another acquisition.
M&T plans to acquire Delaware-based Wilmington Trust Corp. and its subsidiary Wilmington Trust Company. As part of the deal, M&T also gets WTC subsidiary Wilmington Trust Federal Savings Bank of Baltimore.
Once that deal is done, M&T said it would pay off $700 million owed through the TARP Capital Purchase Program.
M&T will redeem $330 million in preferred stock that WTC issued to the Treasury Department as part of TARP. Then, by the end of the second quarter, M&T said it will repay $370 million it was used through TARP.
With about $68 billion in assets, M&T is the 29th largest bank in the nation. It has seven branches locally and controls about 0.1 percent of all deposits in the Richmond market.
WTC has $11 billion in assets.