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What: Shares of Wilmington Trust (NYSE: WL) jumped nearly 20% this afternoon, before settling down somewhat, after Bloomberg reported that the company approached Bank of Montreal and TD AMERITRADE (NYSE: AMTD) for a potential buyout.

So what: There has been considerable speculation that Wilmington Trust would find a suitor for months now. In July, The New York Times reported that K.B.W. listed several banks it thought were potential targets for their "footprint, more low-cost deposits, and healthy fee-income businesses." The list included Cardinal Financial (Nasdaq: CFNL), Susquehanna Bancshares (Nasdaq: SUSQ), Western Alliance, and Wilmington Trust, among others. Potential buyers included large regional banks like US Bancorp (NYSE: USB), PNC (NYSE: PNC), and BB&T (NYSE: BBT).

Now what: Wilmington Trust has posted losses for the past five quarters as it continues to add to provisions for loan losses. Times are tough for the bank, but with the stock trading well under 0.7 times book value, Wilmington Trust may appear attractive to would-be buyers.

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Ilan Moscovitz owns shares of US Bancorp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.