US: Another delay in the Hudson City $3.7 billion merger

M&T Bank Corp. said Monday that its planned merger with Hudson City Bancorp Inc. will not take place before a planned target date of April 30.

That’s because the Federal Reserve informed Buffalo-based M&T April 3 that it “will not be in a position to complete its review” of the deal before the end of the month. The Fed told M&T that it “will act on the merger application upon completion of its review,” but it is not clear when that review will be finalised.

In a statement released Monday, M&T (NYSE: MTB) said the latest setback has been discussed with New Jersey-based Hudson City, which announced that it will take a “short period of time to review the situation” before determining any course of action.

“We continue to believe that M&T’s merger with Hudson City would be beneficial to both institutions, including our shareholders and the customers and communities we serve, and we remain committed to the merger,” said M&T Chairman and CEO Robert Wilmers in the release.

Full Content: The Wall Street Journal

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