Provident Bankshares shareholders vote in favor of merger with M&T

By Lisa Kerner

Charlotte, N.C., April 9 - Provident Bankshares Corp. said holders of more than three-quarters of its common stock voted to approve the company's merger with M&T Bank Corp. at a special meeting on Thursday.

The merger is expected to close by the end of May, according to a Provident Bankshares news release.

In December, M&T agreed to acquire Provident in a stock-for-stock transaction valued at about $401 million.

As previously reported, Provident shareholders will receive 0.171625 shares of M&T common stock in exchange for each share of Provident common stock they own.

Under the terms of the merger agreement, Provident preferred stock will be exchanged for shares of preferred stock of M&T, and holders of Provident stock options will receive M&T stock options.

Buffalo-based M&T is the holding company for M&T Bank and M&T Bank, NA. It operates branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, New Jersey and the District of Columbia.

Provident is the holding company for Baltimore-based Provident Bank.

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