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.

The article M&T and Hudson City Expect More Time Needed for Merger originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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