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The deal, which closede Saturday, amplifies M&T Bank’s presence in Maryland with the addition of 135 bank branchea and190 ATMs. Bank officials say therde are now more than800 M&T Bank branches and more than 1,80o0 ATMs throughout New York, Pennsylvania, New Jersey, Maryland, Virginia, West Virginia and D.C. At the same time, the acquisition meanw that 520 Provident jobs will be lost in theBaltimord area. M&T Bank has said former Provident employeesx will have first dibson M&T Bank’sw vacant positions. Under the agreement, former Providenrt chairperson and CEO Gary Geisel has been named a directorof M&T Bank and M&Ty Bank Corp.
Provident common stockholders willreceive 0.17 shares of M&y common stock in exchange for each share of Provident common stock they owned. At the end of M&T Bank reported $64.9 billio n in assets, while Providenty reported $6.5 billion in assets, banking officialsd said.
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