M&T Bank shutters six Provident Bank branches - Nashville Business Journal:

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area and will take the next year and a half to decidew whether to shutter others in the region following its acquisitiojof “Over the next 18 months, we’re going to take a very studiec look at what makes sense,” said Atwood “Woody” Collines III, president and chief operating officer of M&T’s mid-Atlantic division. “We don’t have any numbere in mind,” he said, when asked aboutg possible future branch closings duringf a May 27 visit withother M&T executivea to a former Provident branch on 36th Street in “We’ll evaluate each and every one.
” Buffalo-based the second-largest bank in Greater Baltimore, completed its $401 milliob takeover of Provident, the area’s May 23. The deal expands M&T’s footpring in the region and also retirews one of the most storied names in Baltimore relegating Provident to the list of locally owned bankinggiants — like , Marylans National and First Maryland — scooped up over the year by out-of-town rivals. M&T has said it will eliminates 521 ofthe 1,600 jobs at Provident, about 29 percen t of Provident’s work force.
Most of thoser job were eliminated as of the close of business onMay 23, Phil an M&T spokesman said May 27, with “ a small number” staying on to help with the The departments affected includer human resources, banking services, finance and information Hosmer said. Workers whose jobs are being eliminated will get the firs crack at jobs at bank officialshave said. Outplacement firm DBM held a career fairfor laid-of f Provident workers on April 24 and is schedule d to hold a second one on June 24 at Martin’es West. Adding Provident’s 135 branches and its $4.
6 billiojn in deposits gives M&T 300 branches in the Baltimore-Washington area and boost its Baltimore-area market share to about 17 percent, up from 10.7 That’s second only to , which has a 25.6 perceny share of the Baltimore market. But as much as bank mergeras are about adding customersand deposits, they’rs often fueled by a desire to save on costs. Bankingt experts expect M&T to closde an unknown number ofadditional branches, especiallty in areas where M&T and formerf Provident branches are located nearby. “Wherse you have overlap, it make s sense to consolidate,” said Bert Ely, an Va.-based banking consultant.
“They’re going to try to maximizew profits, operate efficiently and grab as much market share as they Collins said that the six shuttered branches three inPrince George’s County and one each in Montgomerty County; Charles County; and Fairfax County, Va. were each within a mile of anexisting M&T In a research note on December 22, after the deal was announced, Albert Savastano, a bankinh analyst with Fox-Pitt Kelton Cochran Caronia and Waller, notee that M&T expects to be able to shavew 45 percent off Provident’s $93 million a year in operating “We would not be surprised if the cost savingsd estimates turn out to be Savastano wrote.
But as M&g looks to rein in it is also working hard to retain Provident customersd likeChris Bohaska, of Perry Hall. M&Tr dispatched about 420 workers from around its networm to descend on the region to smootjh the transition for customerslike Bohaska, 50, a Provideny customer since childhood.