M&T Bank Corp. is acquiring Wilmington Trust Corp. for $351 million in equity terms as a worsening loan collection walk with difficulty in the Wilmington, Del., bank. M&T expressed on Monday Wilmington Trust shareholders will take delivery of 0.051372 equities of its stock for every share of Wilmington Trust equity.

The pact enters in following Wilmington Trust reported a $369.9 million third-quarter deficit because of dreadful real estate building loans in Delaware and expressed the future losses were probable.

According to the Wilmington Trust Chairman and CEO Donald Foley, its panel sensed that the agreement with M&T was the most excellent on hand alternative for its stockholders.

Trailing the contract, M&T will perform in 800 local offices in eight states, Washington, D. C., and Ontario, Canada. The deal is anticipated to conclude by the mid-2011.