In 1992, the State University of New York at Buffalo School of Management named Wilmers Niagara Frontier Executive of the Year. In 1991, the Greater Buffalo Chamber of Commerce named him Western New Yorker of the Year. He received honorary degrees from Canisius College (1988), Niagara University (1991) and the State University of New York at Buffalo (2004). He was cited by The Buffalo News in 1987 and 1994 as a Citizen of the Year. Wilmers retired as CEO in 2005 but returned 18 months later after his successor, Robert Sadler, stepped down from the post and later received the 2005 American Banker Lifetime Achievement Award. In 2008, Wilmers was awarded Chevalier of the Legion of Honor by the President of France. In December 2011, he was named Banker of the Year by American Banker.