M&T Bank to acquire First Horizon’s Mid-Atlantic franchise
M&T Bank and First Horizon National Corp. announced that they have entered into a definitive agreement in which M&T Bank will acquire First Horizon’s 13-branch Mid-Atlantic franchise. Ten of the branches are located in the Greater Washington region, and three are in Greater Baltimore.
Under terms of the agreement, M&T Bank will acquire approximately $226 million in loans, $201 million in deposits and $136 million in trust and investment assets under management.
“This is a tremendous opportunity to expand our presence in the Mid-Atlantic region, a dynamic and important market for our company. The transaction expands our branch network, adds new deposit, loan and investment balances and gives us new customers to serve,” said Atwood “Woody” Collins III, President of M&T’s Mid-Atlantic Division. “Our new customers will find the same friendly and experienced associates and a wider network of branches and ATMs to choose from, and our new employees will find that M&T Bank is deeply committed to their success and to the success of the customers and communities we serve.” — www.theasianbanker.com (September 26 2007)–