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A Federal Reserve decision is expected soon on M&T's long-delayed application to buy Hudson City Bancorp. M&T would still get strategic benefits it sought, but Hudson City has shrunk and become less profitable since it agreed to sell three years ago, and the cost of the deal has risen.
September 16 -
Officials signaled that Hudson City Savings Bank's nearly $33 million settlement over redlining charges is only the first in what is likely to be a string of other cases.
September 24
M&T Bank in Buffalo, N.Y., has completed its acquisition of Hudson City Bancorp in Paramus, N.J., putting to rest a deal that had been announced more than three years earlier.
The $97 billion-asset M&T agreed to buy Hudson in August 2012, but the deal was repeatedly delayed while both companies dealt with compliance issues. M&T was ordered to fix its anti-money-laundering controls and the $35 billion-asset Hudson City dealt with accusations of discriminatory lending, which it
The Federal Reserve Board
"We now have a tremendous opportunity to build on Hudson City's rich … tradition of customer and community service, and to expand M&T's community-focused banking model to new markets and new customers," Robert Wilmers, M&T's chairman and chief executive, said in a press release Monday.
M&T added $19 billion in loans and 135 branches. The company plans to integrate the deal in the first quarter.
