M&T Bank Corp. said Wednesday that it has a deal to buy FNB Rochester (N.Y.) Corp. for $129 million in cash and stock. The price equals 3.32 times FNB's book value and 25 times projected earnings.

FNB Rochester has $568 million of assets and 19 branches in western and central New York. The acquisition is expected to be completed by the end of the second quarter.

In midday trading, shares of M&T dropped $12.50, to $467, while FNB shares were up $9.375, to $31.125.

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