Merger Watch: M&T Bank Acquires Upstate Citibank Branches
Status:
APPROVED, July 2006.
Background:
In July 2006, M&T Bank, announced the completion of its acquisition of 21 upstate New York branches from Citibank N.A. Nine Buffalo branches and 12 Rochester branches were acquired through the transaction; the branches, employees, and accounts held at those branches all became part of M&T Bank. Headquartered in western New York, M&T Bank assumed approximately $1 billion in new deposits and $269 million in new loan balances through the transaction, becoming the market share leader in bank deposits in both Buffalo and Rochester.
M&T Bank is the principal bank subsidiary of M&T Bank Corporation, one of the 20 largest commercial bank holding companies in the U.S., with more than $55 billion in assets and more than 670 banking offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and the District of Columbia. Citibank no longer maintains a branch presence in upstate New York. Subsequent to the acquisition, M&T closed four bank branches in Monroe County and one in downtown Buffalo in an effort to consolidate the former Citibank locations. According to a 8.29.06 article in Buffalo Business First, more branch closings are possible in the future.
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