M&T Bank Corp.'s planned acquisition of Wilmington Trust Corp. will result in more than 700 layoffs in Delaware, officials said Wednesday.
Buffalo N.Y.-based M&T announced in November that it would pay about $351 million for Wilmington Trust, which has been reeling from a deteriorating portfolio of commercial real estate construction loans.
Officials began notifying Wilmington Trust employees in Delaware on Wednesday that 721 of them will lose their jobs as the result of the merger, which will be voted on at special meeting of Wilmington Trust shareholders on March 22 in Wilmington.
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