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Bank deals: One opposed, one dropped

   In Business Today, the merger of banks goes forward. Except when it doesn't.

Suit filed in M&T’s buyout proposal - Jonathan D. Epstein/The Buffalo News
   M&T Bank Corp.’s planned acquisition of Delaware’s largest bank is facing its first legal challenge. Wilmingtontrust
   A stockholder of Wilmington Trust Corp. sued the century-old bank with roots tied to the DuPont family, accusing directors of violating their duties to shareholders by accepting a discounted buyout offer from M&T....
   Elseweb:
- Lawsuits seek to halt Wilmington Trust deal - Wilmington News Journal
   ... "I'm totally outraged," said [Don] Medich, a retired Chyrsler autoworker who owns 300 shares. "It's terrible. It seems like it's planned for a lot of people's benefit, but not the shareholders. It's very unfair to the shareholders. They were misled from the beginning." ...
- M&T Bank has a history of community involvement - Wilmington News Journal Editorial
   ... At least the proposed merger doesn't include one of the faceless giants of banking that would simply come in and figuratively bulldoze the Wilmington Trust brand. ...
- Merger of prominent Delaware bank a sign of the times - International Business Times
   It survived the Great Depression, but it couldn’t survive the Great Recession. ...

Northwest Savings parent forced to drop plans to acquire bank - Jonathan D. Epstein/The Buffalo News
   In a rare slap-down by regulators, the parent of Northwest Savings Bank has canceled its planned Northwestlogo purchase of a Pittsburgh-area bank after federal bank regulators criticized Northwest for consumer compliance violations.
   In a statement Monday, Warren, Pa.-based Northwest Bancshares said it had terminated its agreement to buy Nex-Tier Inc., based on “the expectation that the merger would not receive required approval” from Northwest’s primary federal regulator, the Federal Deposit Insurance Corp.
   Northwest had agreed in early May to pay $20.3 million in cash for Butler, Pa.-based NexTier and its subsidiary Nex-Tier Bank. ...
   Elseweb:
- Northwest deal out; NexTier planning to stay independent - Pittsburgh Post-Gazette
- Dropped NexTier-Northwest deal may be sign of slowdown in bank mergers - Pittsburgh Business Times

-- George Pyle/The Buffalo News

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Banks | Current Affairs | The Economy
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