M&T and Hudson City Expect More Time Needed for Merger
M&T Bank will take a little longer to absorb fellow lender Hudson City Bancorp . The companies said in a joint press release that they believe more time will be needed to address regulatory issues in order to effect the planned acquisition, first announced in Aug. 2012.
This is because M&T has discovered that the Federal Reserve has "identified certain regulatory concerns with M&T's procedures, systems and processes relating to M&T's Bank Secrecy Act and anti-money-laundering compliance program." According to the press release, M&T has retained an outside consulting firm to assist it in dealing with those concerns.
Last summer, the two firms signed an agreement under which Hudson City would be acquired by M&T for a mix of cash and stock amounting to roughly $3.7 billion.
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