Partners Trust Financial Group rises on buyout, higher profit
Shares of Partners Trust Financial Group, Inc. (Nasdaq: PRTR) have appreciated on news of a merger with M&T Bank Corp. (NYSE: MTB) and a rise in second quarter profit.
M&T Bank has entered into a definitive agreement with Partners Trust Financial to buy the Utica, N.Y.-based holding company of Partners Trust Bank for about $555 million, according to a joint press release before the start of trading. The acquisition will provide Buffalo-based M&T with 33 branch locations in upstate New York.
The transaction has been approved by both boards and is expected to close within six months.
Investors also welcomed news that Partners Trust outpaced Wall Street’s quarterly profit expectations.
The net income for the period ended June 30 was $7.2 million, or $0.17 per share, compared with $6.8 million, or $0.15 per share, a year earlier, the Partners Trust said shortly after the start of trading.
Three analysts polled by Thomson Financial were projecting earnings of $0.08 per share.
At 11:50 a.m. ET shares were up $2.03, or 20%, to $12.04.
