M&T Bank has adopted two funds from Friedman, Billing, Ramsey Group (FBR). Both funds invest in municipal bonds and will br rebranded with the MTB name once the deal is complete.

The adoption will bring Baltimore-based M&T Bank nearly $60 million in fund assets and add one fund to its existing lineup of four state tax-free funds. FBR is a Washington, D.C. area-based broker-dealer firm that has been downplaying its fund business.

The two funds are FBR's $34 million Maryland Tax-Free Portfolio and $27 million Virginia Tax-Free Portfolio.

M&T will combine FBR's Maryland fund with its own similar fund. It will add the Virginia fund as a new product.

Susan Schnaars will manage the portfolios of both funds.  

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