M&T Bank increases its share of Baltimore market
M&T Bank Corp.’s brokerage division has acquired a small brokerage unit in Maryland from PNC Financial Services Group of Pittsburgh, adding to its own business in the faster-growing Baltimore market.
The Buffalo-based bank’s M&T Securities division did not say how much it paid to buy what used to be the former Peremel & Co. business from PNC Investments LLC. Founded in 1974, Pikesville, Md.-based Peremel was acquired in March 2003 by Mercantile Bankshares of Baltimore, which in turn was bought out by PNC a year ago.
The former Peremel business has $700 million in assets under management in client accounts. Its employees have joined M&T and will still operate from their existing office.
“Peremel has provided superior service to investors in Greater Baltimore for more than a generation, and we look forward to joining with Peremel’s exceptional and experienced investment professionals to serve our customers for generations to come,” said Christopher Randall, president of M&T Securities.
“Together, M&T and Peremel can offer a broader range of investment and wealth management services and solutions.”
M&T Bank, with $66 billion in assets, is one of the nation’s 20 largest banks, with nearly 700 branches in seven states and the District of Columbia. M&T Securities, which provides retail brokerage and investment banking services, had $15.3 billion in assets under management at June 30.
