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FOR IMMEDIATE RELEASE
Lagrangeville, New York
November 20, 2000
Premier National Bancorp, Inc. (AMEX:PNB) today announced that the special
meeting of its shareholders to consider and vote on the proposed merger with M&T
Bank Corporation (NYSE:MTB) will be held on Thursday, January 25, 2001 at the
Sheraton Civic Center Hotel in Poughkeepsie, New York, at 9:00 a.m. Shareholders
of record on December 8, 2000 will be entitled to notice of, and to vote at,
this meeting. Premier's Board of Directors also fixed December 8, 2000 as the
record date for determining shareholders who will be entitled to the right,
under the election procedures of the planned merger, to submit election forms
for the amount of their shares they wish to exchange for cash, M&T common stock
or a combination of both. Accordingly, shareholders who acquire shares of
Premier stock after December 8, 2000 will not be entitled to election rights
with respect to such shares and if the merger is approved by Premier's
shareholders, will receive cash and/or M&T stock in exchange for their Premier
shares, only after preferential consideration has been given to those
shareholders who were entitled to and made such elections. Accordingly,
shareholders who acquire shares after December 8, 2000 will be allocated cash
and/or shares of M&T stock in such proportions as are necessary to comply with
the M&T stock issuance limitations set forth in the merger agreement.
FOR FURTHER INFORMATION, CONTACT:
John Charles VanWormer or T. Jefferson Cunningham III
President Chairman & CEO
845-437-4303 845-437-4305
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