Wilmington Trust shareholders have voted to a merger with Buffalo’s M&T bank. The move is one of the last steps before federal regulators are expected to sign off on the deal in a couple of months.
The approval comes after the new bank announced over 700 layoffs when it takes over the Wilmington institution. Wilmington Trust Chairman Donald Foley presided over the meeting. Three-quarters of the shareholders voted to approve the merger.
Federal regulators are next up to approve the deal. Once that is done, M&T spokesman Mike Zabel says a date will be set for final closing. Once that is established, official layoff notices will go out. Zabel says they will probably take effect in the late summer.
The News Journal reports Foley took comments from shareholders before the vote. Some expressed dissatisfaction about the company’s management and the board. Foley responded that mistakes were made.