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M&T buys First Horizon branches

M&T Bank Corp. is expanding its presence in the Baltimore-Washington, D.C. corridor by acquiring 13 First Horizon National Corp. branches, the Buffalo-based bank said Tuesday.
The purchase price was not disclosed. The transaction is expected to close in the first quarter 2008.
Ten of the branches are in the Washington area and three are around Baltimore. M&T will assume $226 million in loans, $201 million in deposits and $136 million in trust and investment assets under management.
The acquisition will increase the number of M&T branches in the Washington area to 56 and to 77 in the Baltimore region.
First Horizon, which has its headquarters in Memphis, Tenn., is selling all 34 of its bank branches outside the Tennessee market, where it is the deposit market share leader.
M&T ranks second in deposit market share in the Rochester area.

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