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M&T, Hudson City extend merger agreement

Rochester Business Journal
December 17, 2013

The timeline for M&T Bank Corp.’s proposed merger with Hudson City Bancorp Inc. has been extended to the end of next year as it continues to deal with regulatory issues, the Buffalo-based bank announced Tuesday.

The $3.7 billion stock and cash deal, announced in August 2012, previously was extended five months to Jan. 31, 2014 as M&T addresses concerns of the Federal Reserve about its anti-money laundering procedures.

The Fed has identified regulatory concerns with M&T’s procedures, systems and processes related to the Bank Secrecy Act and its anti-laundering compliance program, the bank has said previously.

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

M&T is devoting substantial resources towards this initiative and is making significant progress, officials said. M&T and Hudson City expect to close the merger as soon as possible following the receipt of all necessary regulatory approvals and satisfaction of all other conditions to closing.

Based in Paramus, N.J., Hudson City would be incorporated into M&T’s Delaware-based subsidiary Wilmington Trust Corp.

“We continue to believe strongly that a merger with Hudson City is beneficial to both institutions, their shareholders and the communities they serve,” said Rene Jones, M&T’s executive vice president and chief financial officer, in a statement.

M&T is the largest bank in the Rochester market, with local deposits of $3.8 billion.

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


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