On Sept. 26, 2002, Standard&Poor's placed its long-term ratings on M&T Bank Corp. (M&T) and its long- and short-term ratings on its bank subsidiary on CreditWatch with positive implications. The short-term ratings of M&T are affirmed. These actions follow the announcement that M&T and Allfirst's parent, AIB, have reached an agreement on the merger of Allfirst into M&T. The transaction is expected to close during first-quarter 2003. The positive CreditWatch reflects Standard&Poor's position that the combined entity would be substantially more diverse with broad geographic reach, including upstate New York, Pennsylvania, Maryland, and Virginia, and would maintain strong market shares in that region. There is little overlap between the two institutions, but approximately $100 million in
