Bradford Bank Closed By Regulators - M&T Bank Takes Over

From Bloomberg:

"Manufacturers & Traders Trust Co. of Buffalo, New York, took over the deposits of Bradford Bank, the FDIC said. M&T, whose parent counts billionaire investor Warren Buffett among its biggest shareholders, is buying Bradford’s $383 million of deposits and $452 million in assets. The FDIC is sharing losses on $338 million of assets in the deal, the regulator said.
Bradford is the second Maryland-based bank acquired this year by M&T, which bought Baltimore-based Provident Bankshares Corp. in May. M&T picked up $5.1 billion in deposits and $6.3 billion assets in the Provident deal, according to a company filing. "

Here is the complete article from Bloomberg.