The stars aligned for the two longtime rivals to join forces, and some observers speculate that other regional banks will need to strike similar partnerships if they hope to remain competitive. But others say such deals are rare because they're hard to pull off.
Christopher Kay will oversee the Buffalo, N.Y., bank's branch and ATM networks as well as development of products and services that seek to mimic the cutting-edge offerings of other industries.
Executives are reluctant to pull back on their big investments in technology, arguing they must stay competitive and that they have flexibility in other areas to trim costs if growth begins to stagnate.
Total loans fell, but earnings soared thanks to wider margins, a smaller loan provision and fewer legal costs now that the Wilmington Trust probe is settled.