The proposed merger was previously approved by the Board of Governors of the Federal Reserve System and the Maryland Commissioner of Financial Regulation.
The merger will change all the Provident Bank branches and ATMs to M&T Bank, and the entire customer’s account will also be shifted to M&T Bank accounts.
Under the terms of the merger agreement, Provident stockholders will receive 0.171625 shares of M&T common stock in exchange for each share of Provident common stock they own.
Atwood Collins III, President and COO of M&T Bank’s Mid-Atlantic Division, said: “we look forward to welcoming Provident Bank customers to M&T Bank, and bringing them a wider array of products and services and access to the largest network of branches and ATMs in the Baltimore-Washington corridor.
