Wayne’s mortgage banking firm, Carey Kramer Pettit Panichelli & Associates, has been acquired by an M&T Bank subsidiary as it continues its growth in the region, writes Jeff Blumenthal for the Philadelphia Business Journal.

Carey Kramer brought its 15 employees and $2.7 billion in loans to the merger, and became an M&T Realty division once the deal became effective on Jan. 4. The deal also included Carey Kramer’s life insurance business, which has a customer base throughout Greater Philadelphia.

M&T has been significantly increasing its Philadelphia-area presence in recent years, positioning itself as the 12th-largest deposit taker in the region. This is mostly thanks to last year’s acquisition of Hudson City and the 2011 acquisition of Wilmington Trust.

M&T Realty Capital, the mortgage banking arm of the bank, has more than $13 billion in loans in its portfolio, while the overall bank has $124 billion in total assets.

“Joining M&T Realty Capital Corp. offers our existing lender relationships expanded market opportunities, and also broadens the options for our current customer base,” said Carey Kramer’s President, Donald K. Pettit. “We are excited about future growth potential for CKPP as we become a division of M&T Realty Capital Corp.”

Read more about the acquisition in the Philadelphia Business Journal here.