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.

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