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M&T gets go-ahead for Partners takeover

M&T Bank Corp. said late Monday that it has received all necessary approvals for its takeover of Partners Trust Financial Group, and expects to complete the deal on Friday.

The Buffalo-based bank said the New York State Banking Department gave the go-ahead last week, marking the last approval required for the deal. The Federal Reserve Board backed the deal earlier this month, and shareholders gave their approval in a vote on Nov. 21.

The banks have set Friday as the closing date, with all Partners Trust branches and ATMs taking on the M&T name afterwards, and Partners Trust accounts becoming M&T accounts.

M&T agreed in July to pay $12.50 a share, or $555 million, in cash and stock to buy Utica-based Partners Trust, which operates 33 branches and 46 ATMs in Broome, Chenango, Herkimer, Oneida, Onondaga and Tioga counties. M&T will gain $3.65 billion in assets, $2.3 billion in deposits, and $2.3 billion in loans, as well as 155,000 new households as customers.

The deal gives M&T the No. 1 market share in Utica-Rome and Binghamton, while cementing the position in Syracuse. Overall, it will be No. 1 across Upstate New York, with 241 branches. But it will cut 382 jobs in those markets, and must sell three branches and $94.5 million in deposits in the Binghamton area to address government anti-trust concerns.


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