M&T Bank finishes purchase of Provident Bankshares

M&T Bank Corp. said Tuesday it completed its acquisition of Provident Bankshares Corp.

Provident shareholders received 0.171625 shares of M&T Bank for every share of Provident they owned. Based on M&T Bank's Friday closing price of $46.73, Provident stock holders received about $8.02 per share.

M&T Bank reopened 135 Provident Bank branches Tuesday under the M&T Bank name. M&T Bank now has more than 800 branches in the Mid-Atlantic and Northeast.

M&T Bank had $64.9 billion in assets as of March 31, while Provident had $6.5 billion.

Shares of Buffalo, N.Y.-based M&T Bank jumped $2.18, or 4.7 percent, to $48.91 in afternoon trading as the broader market also rose sharply.