Yet another local bank is being gobbled up by a larger one. Wilmington Trust has been purchased, at a very discounted rate, by M&T Bank after being bailed out in 2008 by the federal government.
Wilmington Trust made a profit every year from 1903 to 2008 when they lost their proverbial shirt on construction loans.
For those of you who like trivia, M&T Bank and First Niagara Bank are both Buffalo, NY based banks and have recently purchased Philadelphia area banks.
Once the sale goes through next summer, Wilmington Trust branches will be renamed and M&T Bank will become Delaware’s largest bank (deposits).