M&T Bank (MTB) has established a team to manage the New York, New Jersey and Connecticut operations that it has agreed to buy from Hudson City Bancorp (HCBK).
M&T of Buffalo, N.Y., said Tuesday that it has named three executives — Gino Martocci, Peter D'Arcy and Paula Mandell — to integrate the pending additions and run them. M&T agreed to buy Hudson City in Paramus, N.J , for $3.7 billion in August and expects the deal to close in the second quarter, pending approval by shareholders and regulators.
Martocci will be responsible for the New York City metro area. He has been M&T's New York City regional president since 2009. Martocci will report to Executive Vice President Kevin Pearson.
D'Arcy has been promoted to fill Martocci's former role; he had led M&T's New York commercial real estate group since 2006. Mandell will continue to manage M&T commercial banking in New Jersey and Connecticut. Both Mandell and D'Arcy will report to Martocci.
Once the Hudson City acquisition is completed, M&T will gain 135 branches in the three states and extend its existing commercial banking operations to the new branches, according to a press release. M&T currently has little presence in the markets where Hudson City operates.
"Hudson City has a long history as an excellent savings bank in New York City, New Jersey and Connecticut. M&T now has the opportunity to bring our successful commercial banking services and our premier wealth management and corporate trust solutions into Hudson City's communities," M&T Chairman and Chief Executive Robert Wilmers said in the news release. "Our depth of experienced bankers in New York City will be drawn on to expand our services through the entire tri-state region."