Two months after saying it was bowing out of the merger game, M&T Bank Corp. is back in.

On Monday the Buffalo company announced an agreement to buy Premier National Bancorp of Lagrangeville, N.Y., for $342 million. The deal is slated to close in the first quarter of next year and would put M&T Bank in first place in deposit market share in seven fast-growing counties of New York’s Hudson River valley, ahead of Bank of New York Co.

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