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M&T Bank to merge with Hudson City Bankcorp

Posted: 6:47 AM, Oct 01, 2015
Updated: 2015-10-01 10:47:06Z
M&T Bank to merge with Hudson City Bankcorp
M&T Bank to merge with Hudson City Bankcorp

It took more than three years and cost $5.5 billion but the Federal Reserve has finally approved M&T Bank's merger with Hudson City Bankcorp of New Jersey.

The merger will greatly expand M&T's presence in New Jersey, Connecticut and NYC where Hudson has 135 branches.

The long delay was created when regulators forced M&T to clean up its anti-money laundering and bank secrecy act programs. That cost the bank millions of dollars.

M&T now says the closing date for the merger is set for November 1st this year and Hudson operations will be folded into M&T sometime during the first quarter of next year.

 

 
 

 

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