This Week
  • The number of temporary help employees locally has grown since the recession.

  • Kelby Russell wants you to know: Local wines are among the world's finest.

  • Siblings Bradley Calkins and Katherine Lindahl are co-CEOs of Rochester Midland.

  • Employee cross-training has become essential for organizations to run smoothly.

  • P3 Systems Inc. sells and services new and refurbished networking equipment.

  • Challenges mount for area companies that do business in Russia.

Fed concerns prompt extension of deadline on M&T deal

Rochester Business Journal
April 12, 2013

The deadline for M&T Bank Corp.’s acquisition of Hudson City Bancorp Inc. has been extended by five months while the Federal Reserve reviews M&T’s anti-money laundering procedures, the banks announced Friday.

M&T filed its regulatory applications in September 2012, and has learned the Fed has identified certain regulatory concerns with M&T’s procedures, systems and processes related to the Bank Secrecy Act and its anti-laundering compliance program, the company said in a statement.

The BSA is a 1970 statute requiring U.S. banks to assist government agencies in the detection and prevention of money laundering.

M&T has begun a major initiative, including hiring an outside consultant, to address Fed concerns, it said.

The $3.7 billion stock and cash deal announced Aug. 27, 2012, would incorporate Hudson City into M&T subsidiary Wilmington Trust Corp.

The date after which either bank can terminate the agreement, if it is not completed, has been changed to Jan. 31, 2014, from Aug. 27 this year, the banks said.

M&T ranks first in the Rochester market with $3.6 billion in local deposits, data from the Federal Deposit Insurance Corp. shows.

The Buffalo-based bank is scheduled to report its financial results for the first quarter on Monday.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google