M&T Bank Receives Approval For Hudson City Bancorp Merger

(RTTNews) - M&T Bank Corp (MTB) on Wednesday said it has received regulatory approval from the Federal Reserve to complete its acquisition of Hudson City Bancorp Inc (HCBK). The fed approval comes as the deal's closure has been delayed by regulatory issues.

The transaction is expected to be completed on or about November 1, pending approval by the New York State Department of Financial Services and the satisfaction of customary conditions.

Hudson City's 135 branches will continue to operate under the Hudson City name until they are converted to M&T's network, which is expected to occur in the first quarter of 2016.

In August 2012, M&T Bank agreed to buy Hudson City for $3.7 billion. M&T will gain $25 billion in deposits and $28 billion in loans.

Under the terms of the merger agreement, each Hudson City share will be exchanged for consideration valued at 0.08403 of an M&T share in the form of either M&T common stock or cash.