M&T Bank Corporation has completed its acquisition of Wilmington Trust Corporation, in a deal merging two of the East Coast’s largest financial services firms. The Wilmington Trust Wealth Advisory Services unit will, however, keep its original branding.

Wilmington Trust and all of its subsidiaries are now part of the M&T organization, including branches in Upstate New York, Central Pennsylvania and the Mid-Atlantic region. M&T is adding 55 branch locations, 225 ATMs, and $10.7 billion in assets, prior to purchase accounting adjustments. M&T now operates approximately 780 retail and commercial branches and 2,000 ATMs in eight states, and the District of Columbia and Ontario, Canada, the firm said in a statement.

Wilmington Trust bank branches and ATMs will continue to carry the Wilmington Trust name until the completion of a systems conversion, which is expected to occur during the third quarter. Furthermore, M&T will continue to operate the Wilmington Trust Wealth Advisory Services and Corporate Client Services businesses using the Wilmington Trust brand.

Commenting on the acquisition, Robert Wilmers, chairman and chief executive of M&T, highlighted the resulting size of M&T's wealth management services offering, with some $81 billion in assets under management.

Subject to the terms of the merger agreement, Wilmington Trust stockholders are receiving 0.051372 shares of M&T common stock in exchange for each share of Wilmington Trust common stock they owned.

It was reported in November that the deal was valued at $351 million. At that time Donald Foley, Wilmington Trust CEO and chairman, explained the case for the deal, highlighting the most recent results, which showed that the firm continued to face “difficult realities” linked to the loan portfolio of its banking business.

Headquartered in Buffalo, New York, M&T has $68.2 billion in assets, and has extensive operations in the mid-Atlantic region.