It is anticipated that the merger will be completed on November 30, 2007. Following the merger, all Partners Trust Bank branches and ATMs will carry the M&T Bank name, and Partners Trust Bank customer accounts will become M&T Bank accounts.
Under the terms of the merger agreement, Partners Trust stockholders will receive $12.50 for each share of common stock they own. Stockholders may elect to receive the consideration in shares of M&T common stock or cash although, in the aggregate, 50% of the Partners Trust shares must be exchanged for M&T common stock and 50% for cash.
Mark Czarnecki, president of M&T, said: Partners Trust will soon become M&T, and we will bring our new customers a wider array of products and services and a wider network of branches and ATMs. We will also be expanding our commitment to this region as we continue to grow in upstate New York, where we have been headquartered since we were established in 1856.
