BUFFALO -- Shareholders of $22 billion-asset M&T Bank Corp. have approved the company's acquisition of Harrisburg, Pa.-based Keystone Financial Inc., as well as allow a 10-for-1 stock split.
On Tuesday, shareholders voted to amend its certificate of incorporation, necessary to allow the split. M&T, which closed up $6 at $505 Tuesday afternoon, said the stock split will be effective approximately Oct. 5. It would increase M&T's outstanding shares from 7,677,211 to 76,772,110, based on September 18 holdings.
M&T had decided on the 10-for-1 split May 17 when it agreed to buy Keystone for $1 billion in cash and stock. This deal is expected to close Oct. 6. In July, M&T agreed to acquire Premier National Bancorp of Lagrangeville, New York, for $342 million, and is scheduled to close in the first quarter of 2001.