M&T Bank has reopened 135 former Provident Bank branches and converted their 190 ATMs into M&T Bank ATMs. This acquisition brings the total number of branches to more than 800 and ATMs to 1,800, spread throughout the Mid-Atlantic and Northeast.
All Provident Bank accounts and balances are transferred to M&T Bank. New checks and ATM cards have been dispatched to former Provident Bank customers without any change in rates and terms on CDs, installment loans, lines of credit or overdraft protection accounts.
As per the terms of the merger agreement, Provident common stockholders will receive 0.171625 shares of M&T common stock in exchange for each share of Provident common stock they own. The holders of Provident’s preferred stock will receive shares of new series of M&T preferred stock having substantially identical terms.
Gary N. Geisel, Provident Chairman and CEO, will join as the director of M&T Bank Corporation and M&T Bank, upon completion of the merger.
