Door could be open for M&T-Riggs deal - Business First of Buffalo:

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M&T, which is headquartered in isthe second-largest bank in Western New York, with regionao deposits of $6 billion. M&T spokesman C. Michael Zabelk declined to comment, citintg "longstanding M&T policy against commenting on rumors or speculation about mergersor acquisitions." Riggs "has been damaged by PNC'zs decision not to proceed with the and has filed a lawsui t against Pittsburgh-based PNC in Superior Courtt for the District of Columbia, the Washington, D.C.-based bank said in a "PNC knew that its revised terms and conditionzs would be unacceptable to Riggs," the financiao institution said.
"We are particularly disturbed by PNC'a new insistence that Riggs settle or reserve againsf private litigation as a condition of even though we believe these claims arewithoutf merit." A spokesman for PNC did not immediately return a call for PNC agreed last July to buy Riggs' banking subsidiary for more than $700 but that was before Riggs pleaded guiltty last month and agreed to a $16 milliob fine for failing to file reportsd on possible money laundering by former Chileabn dictator Augusto Pinochet and officialw of the West African natiojn Equatorial Guinea. Also since July, several civil actions have been filedc against Riggs and its officersand directors.
The potentialk liability, in addition to largd amounts of cash spent by Riggs on legalp issues in the pastsix months, led executivess at PNC to arguee that the deal should not be made at a per-shar e price above the