Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford

[FarCenter]

Source: FDIC

Bradford Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company (M&T), Buffalo, New York, to assume all of the deposits of Bradford Bank.

<SNIP>

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million. M&T's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Bradford Bank is the 82nd FDIC-insured institution to fail in the nation this year, and the second in Maryland. The last FDIC-insured institution closed in the state was Suburban Federal Savings Bank, Crofton, on January 30, 2009.

Read more: http://www.fdic.gov/news/news/press/2009/pr09155.html

[KoKo]

1. Amazing...the Bad Banks roll on taking FDIC Funding,charing US..out here...

While the Big Zombie Banks (with our tax money) roll on...

BIGGER IS BETTER! Get OUT YOUR WALLETS...there will be MORE!

[TankLV]

2. Good going for one of my hometown banks! But, as my Brother-in-law pointed out to me, you do

realize that it IS called "MT" Bank?!!!

We also had Amigone Funeral Homes, along with that old standby Bury Funeral Homes...!!!

[melm00se]

3. used to work there

(M&T) and we used to refer to them as the morally MT bank.