Combination of M&T Bank and Premier National Bank Will Create Mid-Hudson Valley's Leading Bank.Business Editors NEWBURGH, N.Y.--(BUSINESS WIRE)--July 10, 2000 M&T Bank Corporation (NYSE NYSE See: New York Stock Exchange :MTB MTB Mountain Bike MTB Mycobacterium Tuberculosis MTB Marshall Tucker Band MTB Motor Torpedo Boat MTB Making The Band (TV show) MTB Minus The Bear (band) MTB Mozilla Thunderbird ) and Premier National Bancorp, Inc. (AMEX AMEX See: American Stock Exchange :PNB PNB Produit National Brut (French) PNB Punjab National Bank (India) PNB Philippine National Bank PNB Producto Nacional Bruto (Spanish: Gross National Product) ) today announced that they have entered into an agreement for Premier National Bancorp, Inc. to be merged into M&T Bank Corporation. Pending approval by regulators and Premier shareholders, the merger is expected to be completed in the first quarter of 2001, and will make the combined bank the leading depository institution Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. in the mid-Hudson Valley. Premier National Bancorp, Inc.'s subsidiary, Premier National Bank ("Premier"), currently holds the number two market share in the mid-Hudson Valley; M&T Bank Corporation's principal subsidiary, Manufacturers and Traders Trust Company ("M&T Bank"), holds the eighth position. The banks' largely complementary branch networks overlap in the five counties of Dutchess, Orange, Rockland, Ulster and Westchester. The acquisition of Premier will also provide M&T Bank with a significant presence in Putnam and Sullivan counties. M&T Bank has 27 Hudson Valley
The Hudson Valley refers to the canyon of the Hudson River and its adjacent communities in New York State, generally from northern Westchester County northward to the cities of Albany and Troy. branches; Premier, with $1.3 billion in deposits, has 34. "The merger of M&T Bank and Premier will create an institution stronger than the sum of its parts - one with the leading market share; a well-positioned network of branches, ATMs, Web and telephone banking; a wide array of financial products and services; and the most in-depth understanding of the market and its customers," stated James L. Hoffman, president of M&T Bank's Hudson Valley Division. Premier customers will have access to M&T's network of more than 477 branches in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, Maryland and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , following completion of the merger in the first quarter of 2001, as well as M&T Bank's acquisition of Keystone Financial, Inc., expected to be completed in the fourth quarter of 2000. Following the merger, Premier's Chairman, T. Jefferson Cunningham III, will join the boards of directors of M&T Bank Corporation and M&T Bank, and serve as chairman of M&T Bank's Advisory Board for the Hudson Valley region. Ten members of Premier's board also will join the regional Advisory Board. Mr. Hoffman continued, " Premier and M&T Bank have served the same mid-Hudson market for years, have developed the same in-depth knowledge of the market and its customers and share a common commitment to community banking. Thus, we are confident that Premier customers will feel comfortable joining M&T Bank." M&T Bank Corporation is headquartered in Buffalo, New York, and had consolidated total assets of $22.8 billion as of March 31, 2000. |
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