Business Services Industry
Buffalo, N.Y.-Based M&T Bank to Buy Harrisburg, Pa.-Based Bank.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, May, 2000 by Sulon, Bill
May 18--Keystone Financial Inc., a Harrisburg-based bank holding company with $7 billion in assets, will be acquired by M&T Bank Corp., based in Buffalo, N.Y., for $1 billion in stock and cash.
Because the companies' service areas do not overlap, no branch closings are planned, but an undetermined number of Keystone administrative and support employees will be laid off, top executives of both institutions said Wednesday.
Keystone Bank branches will be renamed M&T, and "the signs will go up by the end of 2000," Keystone spokeswoman Jacqueline Basso said. The deal is expected to be completed in late October or early November.
M&T Bank has $22.8 billion in assets and operates in markets similar to those of Keystone. It has the largest share of...
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