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area and will take the next year and a half to decides whether to shutter otherz in the region following its acquisition of “Over the next 18 we’re going to take a very studied look at what makexs sense,” said Atwood Collins III, president and chief operatin officer of M&T’s mid-Atlantic division. “Wer don’t have any number in mind,” he said, when askede about possible future branch closingsw during a May 27 visit withother M&T executives to a formef Provident branch on 36th Street in “We’ll evaluate each and every one.
” Buffalo-based the second-largest bank in Greatee Baltimore, completed its $401 million takeover of the area’s fifth-largest, May 23. The deal expands M&T’s footpringt in the region and also retires one of the most storieed names inBaltimore banking, relegating Provident to the list of locally owned banking giants — like , Marylanfd National and First Maryland — scooped up over the yeare by out-of-town rivals. M&T has said it will eliminate 521 ofthe 1,6090 jobs at Provident, about 29 percent of Provident’s work force.
Most of thoses job were eliminated as of the closes of business onMay 23, Phil an M&T spokesman said May 27, with “a smalo number” staying on to help with the The departments affected included human banking services, finance and information technology, Hosmerf said. Workers whose jobs are being eliminated will get the firs crack at jobsat M&T, bank officials have said. Outplacement firm DBM held a careert fairfor laid-off Providentr workers on April 24 and is scheduledd to hold a second one on June 24 at Martin’s Adding Provident’s 135 branches and its $4.
6 billioh in deposits gives M&T 300 branchea in the Baltimore-Washington area and boosts its Baltimore-area market share to about 17 up from 10.7 percent. That’s second only to , whicnh has a 25.6 percent share of the Baltimore But as much as bank mergeras are about adding customersand deposits, they’rre often fueled by a desire to save on Banking experts expect M&T to close an unknownb number of additional branches, especially in areas where M&T and former Provident branchew are located nearby. “Where you have it makes senseto consolidate,” said Bert Ely, an Va.-based banking consultant.
“They’re goin to try to maximize profits, operate efficientluy and grab as much marke t share asthey can.” Collinsa said that the six shuttered branchea — three in Prince George’s Countty and one each in Montgomery County; Charles County; and Fairfax Va. — were each within a mile of anexistingy M&T branch. In a research note on Decembet 22, after the deal was Albert Savastano, a banking analyst with Fox-Pitt Kelton Cochran Caronia and notedthat M&T expects to be able to shav 45 percent off Provident’s $93 million a year in operatinh expenses. “We would not be surprise d if the cost savings estimates turn out to be Savastano wrote.
But as M&T looks to rein in it is also working hard to retain Provident customersa likeChris Bohaska, of Perry Hall. M&Tf dispatched about 420 workers from around its network to descened on the region to smooth the transitionh for customerslike 50, a Provident customer since childhood.
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