M&T Bank Corporation gets approval for Hudson City Bancorp merger
Hudson City Bancorp, Inc. and M&T Bank Corporation announced that M&T has received regulatory approval from the Federal Reserve to complete the merger with Hudson City.
The transaction is expected to be completed on or about Nov. 1, pending approval by the New York State Department of Financial Services and the satisfaction of customary closing conditions.
“At M&T, we are deeply committed to the success of the customers and communities we serve, and we look forward to the opportunity to bring that strong commitment to Hudson City’s markets,” said Robert G. Wilmers, M&T chairman and CEO. “M&T also brings a wider array of banking solutions and services. As a thrift, Hudson City focused primarily on deposits and mortgages. M&T will create a comprehensive banking franchise that provides a full range of checking and savings accounts, debit and credit cards, home equity and other lending options, investment and insurance services, small business and commercial banking services as well as our renowned wealth management and corporate trust solutions through Wilmington Trust.”
Hudson City operates 135 branches, which are located in New Jersey (97 branches), downstate New York (29 branches) and Fairfield County, Connecticut (9 branches). Hudson City’s branches will continue to operate under the Hudson City name, as a division of M&T Bank, until they are converted to M&T’s network, which is expected to occur in the first quarter of 2016. Customers will receive additional information after the merger has been finalized.
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in Delaware, New York, Pennsylvania, Maryland, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.