Keystone Financial, Inc. was acquired Monday by Manufacturers & Trust Bank Corporation, giving M&T the No. 1 share of deposits in upstate New York and central Pennsylvania.

M&T now has locations at 234 E. College Ave., 1330 S. Atherton St. and 1423 N. Atherton St. as well as numerous ATMs throughout the area.

"It's something we've done in the past," Michael Piemonte, administrative vice president for M&T said.

"If it's a good franchise and it fits with our strategies."

Keystone Financial was geographically contingent to M&T Bank Corporation and made sense for a merger, Piemonte said.

Personal accounts at Keystone Financial have already been automatically transferred to M&T.

Customers of the bank will receive some perks through their new banking company. "Customers will have access to more outlets for banking services," Piemonte said.

"It's a bigger institution, more full-fledged."

M&T was founded more than 140 years ago in western New York, where the headquarters remains today.

It is the nation's 29th largest bank holding company with 450 branches throughout New York, Pennsylvania, Maryland and West Virginia.

The bank's ATM network spans more than 900 locations and they also have telephone and Web banking.

Carl Campbell, chairman, president and chief executive officer of Keystone said in a press release that he is confident that M&T can uphold Keystone's tradition of customer service and community leadership.

"M&T's new customers have joined a financial service institution long known and well-respected for quality, consistency and success," Campbell said.

Robert Wilmers, chairman, president and chief executive of M&T said in a press release that he believes M&T has the ability to bring their customers the strength and service of a large institution.

However, the bank also will maintain local connections and the decision making capacity of a community bank.