More than 700 workers at Wilmington Trust (NYSE: WL) will lose their jobs after the Delaware bank is officially taken over by Buffalo-based M&T Bank Corp. (NYSE: MTB).
The affected employees represent about 30 percent of Wilmington Trust’s workforce.
M&T agreed to acquire Wilmington Trust last November for about $351-million. The Delaware bank just posted a $720-millin loss for 2010.
Wilmington Trust’s balance sheet was damaged by high-risk loans to real estate developers.
Wilmington Trust stockholders will vote on the proposed merger on March 22.
"While I'm hopeful that most of the Wilmington Trust employees will be able to keep their jobs under this merger, it is obviously disappointing news anytime hardworking employees lose their jobs through no fault of their own," Delaware’s Senator, Democrat Tom Carper told reporters.