Asia Bizz: Wilmington Trust Corp to be bought by M&T Bank Corp
Wilmington Trust Corp has agreed to be bought by M&T Bank Corp for $351 million. Wilmington Trust believes that this would be the best option for their shareholders.
Wilmington Trust Corp also believes that it will be a great move for their clients as well as existing employees. A business wire statement by Wilmington said that investors would get around a share of 0.051 of the Buffalo-based M&T for each of the Wilmington share owned.
Wilmington Trust’s wealth management unit which caters to people all across the US has around $10 million in liquid assets and they also managed around $25 billion as of 30th June 2010.
In the month of December 2008, the U.S Treasury by the help of its Troubled Asset Relief Program in preferred equity bought $330 million in Wilmington Trust.
T. Coleman du Pont, founded the bank in the year 1903.