Hudson City And M&T Bank Further Extend Time To Close Proposed Merger To Oct. 31

(RTTNews) - Hudson City Bancorp Inc. (HCBK) and M&T Bank Corp. (MTB) announced that they have agreed to extend the date after which either party may elect to terminate their Agreement and Plan of Merger from April 30, 2015 to October 31, 2015 pursuant to Amendment No. 4 to the Agreement and Plan of Merger.

They said that the consideration and exchange ratio as provided in the Agreement and Plan of Merger will remain the same.

The companies noted that the extension, which has been approved by both the Hudson City and M&T Boards of Directors, will provide additional time to obtain a regulatory determination on the applications necessary to complete the proposed merger.

Hudson City and M&T have been advised by the Federal Reserve Board that it intends to act on the merger application no later than September 30, 2015. However, no assurance can be given as to whether or when the necessary regulatory approvals for the merger will be received.

Last week, Hudson City Bancorp announced that it had been advised by M&T Bank Corp. , late in the afternoon on April 3, 2015, that the Federal Reserve Board would not act on M&T's merger application before the current termination date of April 30, 2015 provided for in the Agreement and Plan of Merger, as amended, after which either party can terminate the transaction if the closing has not occurred. As a result, the merger would not close by the previously announced target closing date of May 1, 2015.