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M&T Bank (MTB) will acquire ailing Wilmington Trust (WL), with $10.4B in assets, in a $351M...

M&T Bank (MTB) will acquire ailing Wilmington Trust (WL), with $10.4B in assets, in a $351M deal. The buyout values Wilmington at $3.84/share, a 46% discount to Friday's close, added to WL's 39% drop this year. This morning, Wilmington said its Q3 loss widened and its loan-loss provisions soared amid mounting losses. WL -44% to $4 premarket.
Comments (2)
  • Wilmington Trust is emblematic of what a lot of smaller banks face...a very low pre provision earnings number to the size of the loan portfolio....
    108 million dollars a year to try and cover a loan portfolio of 8.1 billion...1.33% way way too low...
    1 Nov 2010, 09:14 AM Reply Like
  • And Citi is still open?
    1 Nov 2010, 10:25 AM Reply Like
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