By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

The shareholders of Wilmington Trust Corp. in Delaware voted in favor today of the proposed sale to Buffalo's M&T Bank Corp.

Now the pending acquisition faces state and federal approval before the $351 million transaction becomes final. The Delaware State Bank Commissioner is scheduled to hold a public hearing March 24 to consider M&T's application for acquisition.

M&T announced Nov. 1 that it would buy the troubled bank, pushing M&T to the forefront of the banking sector in Delaware. The purchase deal, anticipated to close in mid-2011, includes 48 branches, 225 ATMs and roughly $8.3 billion in deposits.

The agreement is considered by many to be a bargain for M&T since it will pay about $3.84 per share - about half of the value of Wilmington Trust shares just three days before the sale was announced. Currently, M&T operates just one branch in the state.

Many Wilmington Trust shareholders, meanwhile, are angry about the deal, saying the sale price is too low and accusing bank executives of not being up-front about the true status of the bank's welfare.

M&T announced last month that it will eliminate 721 back-office jobs at Wilmington Trust following the acquisition, retaining 2,103 of the bank's current 2,824 employees. The bank said it plans to pay out $23 million to employees in severance costs.