Home / Today's Top Stories / M&T buys First Horizon branches

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.

(c) 2007 Rochester Business Journal. Obtain permission to
reprint this article.

x

Check Also

lead-one-cropped

Leadership program seeks to foster growth in agriculture industry (access required)

When it comes to agriculture, the industry is no Silicon Valley. Surveys conducted just a few years ago found that ...

Ability Partners Fndtn 4_22

Ability Partners plans gala in Finger Lakes (access required)

Ability Partners Foundation will host its 16th annual Winter Gala and Auction in the Finger Lakes next month, supporting the ...