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 settled with regulators last week, clearing the way to closing its sale to M&T.
The Federal Reserve Board approved the acquisition in late September.
"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.