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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.
November 2 - North Carolina
BB&T will close a loan-processing center in Hagerstown, Md., which it obtained from its acquisition of Susquehanna Bancshares.
September 18 -
New York Community has long wanted a deal to push it over $50 billion of assets. While Astoria accomplishes that, it does little to diversify New York Community's geography or reduce its reliance on multifamily lending.
October 29
M&T Bank has begun dismissing former Hudson City Savings Bank workers in New Jersey, following the completion of its acquisition of the company.
The $132 billion-asset M&T plans to cut 366 former Hudson City employees in Bergen County, N.J., next year, largely at Hudson City's former headquarters in Paramus, the business news
The employees primarily were assigned to back office positions that overlapped with existing roles at M&T's headquarters in Buffalo, N.Y., These job duties include credit administration, retail management and human resources.
The former Hudson City workers will be terminated between January and August. Those affected will receive will receive severance pay and outplacement assistance, M&T's New Jersey region executive, Paula Mandell, told NJBIZ.
"Obviously this is not something we take lightly," Mandell told the publication. "We understand that this is an extraordinary impact on people."
Mandell told NJBIZ that most customer-facing staff from Hudson City — around 1,155 employees — will join M&T.
Also, Hudson City’s former headquarters office will remain open for now, company spokesman Michael Zabel told NJBIZ.
"For now there are no plans to change that building or that location, but that’s still something over the longer term that we’re going to have to determine," he said.
M&T did not respond to requests for comment from American Banker.
M&T's acquisition of Hudson City finally closed on Nov. 2, after being announced
