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US: M&T, Hudson extend merger deadline again

 |  April 19, 2015

M&T Bank and Hudson City Bancorp are extending the deadline to complete their long-stalled deal for a fourth time, until Oct. 31. The deadline had been April 30, after which either bank could have walked away without a financial penalty. The two banks announced their planned merger in August 2012.

M&T and Hudson City in a joint statement said while they could not be certain the deal would receive approval, the Federal Reserve Bank has told them it plans to act on the merger application by Sept. 30. Until now, it was unclear when the Federal Reserve might complete that long-awaited process.

The latest extension “will provide additional time to obtain a regulatory determination on the applications necessary to complete the proposed merger,” the banks said in their statement.


Full Content: The Wall Street Journal


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