NORWICH – M&T Bank Corporation and Partners Trust Financial Group, Inc. announced Thursday that they have entered into a definitive agreement under which Partners Trust will merge into M&T in a transaction valued at approximately $555 million.
M&T is headquartered in Buffalo and has $57.9 billion in assets, while Partners Trust has $3.7 billion in assets and is based in Utica.
There are no M&T’s in Chenango County and only one Partners Trust, which is located in Norwich’s North Plaza. It will become an M&T within the next four to six months, said Chet Bridger, a spokesman for the Buffalo-based bank.
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