The take over of Wilmington Trust boosts M&T bottom line
Buffalo based M&T bank, new owners of Wilmington Trust Bank, posted a $322 million 2nd quarter profit.
Even though there were $23 million in merger related expenses on the books, the overall merger added $42 million to the M&T ledger sheet.
The quarterly report also shows M&T paid the government $330 million to the Troubled Asset Relief Program (TARP) for its investment in Wilmington Trust.
The Wilmington Trust-M&T merger became official on May 16.
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