The Washington Post, April 2nd, 2003
M&T Bank completed its $3.1 billion purchase of Allfirst, a U.S. subsidiary of Allied Irish Banks that lost $691 million in a foreign- currency trading scandal last year. Allfirst was sold for $886 million in cash and a 22.5 percent stake in the expanded M&T, which becomes the 18th-largest commercial bank based in the United States. The sale's close triggered the layoff of 346 Allfirst workers in Maryland, Pennsylvania and Delaware, an Allfirst spokesman said. M&T will eliminate 144 jobs this summer and 642 at year-end, the spokesman said. Colonial Pipeline, operator of the world's largest pip...
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