Partners Trust announces merger with M&T
NORWICH – M&T Bank Corporation and Partners Trust Financial Group, Inc. announced Thursday that they have entered into a definitive agreement under which Partners Trust will merge into M&T in a transaction valued at approximately $555 million.
M&T is headquartered in Buffalo and has $57.9 billion in assets, while Partners Trust has $3.7 billion in assets and is based in Utica.
There are no M&T’s in Chenango County and only one Partners Trust, which is located in Norwich’s North Plaza. It will become an M&T within the next four to six months, said Chet Bridger, a spokesman for the Buffalo-based bank.
“For the individual customer, the necessary welcome kit from us with everything they need will be sent out after the acquisition is closed. Everything will remain business as usual,” Bridger said Thursday in a telephone interview. “For our business customers, we are really excited to come into Norwich. Helping small businesses grow is one of our strong suits.”
M&T is rated as one of the top small business lenders in New York state by the Small Business Association.
According to a Thursday press release, M&T will acquire 33 branch locations in Broome, Chenango, Herkimer, Oneida, Onondaga and Tioga counties and approximately $2.3 billion in deposits and $2.3 billion in loans. The merger will make M&T the deposit market share leader in the Utica-Rome and Binghamton markets, and will strengthen M&T’s position in Syracuse.
“Both M&T and Partners Trust share a common commitment to customers, employees, shareholders and communities, and this merger provides us with an opportunity to build on those long-standing traditions,” said John A. Zawadzki, President and CEO of Partners Trust.
Under terms of the merger agreement, stockholders of Partners Trust will receive $12.50 for each share of common stock they own. Stockholders may elect to receive the consideration in shares of M&T common stock or in cash although, in the aggregate, 50 percent of the Partners Trust shares must be exchanged for M&T stock and 50 percent for cash.
The transaction has been approved by the boards of directors of each company, is subject to certain conditions, including regulatory approval and approval by Partners Trust’s stockholders, and is expected to close within six months.
M&T is a bank holding company 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 is headquartered in Buffalo and has $57.9 billion in assets, while Partners Trust has $3.7 billion in assets and is based in Utica.
There are no M&T’s in Chenango County and only one Partners Trust, which is located in Norwich’s North Plaza. It will become an M&T within the next four to six months, said Chet Bridger, a spokesman for the Buffalo-based bank.
“For the individual customer, the necessary welcome kit from us with everything they need will be sent out after the acquisition is closed. Everything will remain business as usual,” Bridger said Thursday in a telephone interview. “For our business customers, we are really excited to come into Norwich. Helping small businesses grow is one of our strong suits.”
M&T is rated as one of the top small business lenders in New York state by the Small Business Association.
According to a Thursday press release, M&T will acquire 33 branch locations in Broome, Chenango, Herkimer, Oneida, Onondaga and Tioga counties and approximately $2.3 billion in deposits and $2.3 billion in loans. The merger will make M&T the deposit market share leader in the Utica-Rome and Binghamton markets, and will strengthen M&T’s position in Syracuse.
“Both M&T and Partners Trust share a common commitment to customers, employees, shareholders and communities, and this merger provides us with an opportunity to build on those long-standing traditions,” said John A. Zawadzki, President and CEO of Partners Trust.
Under terms of the merger agreement, stockholders of Partners Trust will receive $12.50 for each share of common stock they own. Stockholders may elect to receive the consideration in shares of M&T common stock or in cash although, in the aggregate, 50 percent of the Partners Trust shares must be exchanged for M&T stock and 50 percent for cash.
The transaction has been approved by the boards of directors of each company, is subject to certain conditions, including regulatory approval and approval by Partners Trust’s stockholders, and is expected to close within six months.
M&T is a bank holding company 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.
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