M&T Bank-Hudson deal delayed again by regulatory issues
Dec 17 (Reuters) - M&T Bank Corp said it now expected its acquisition of Hudson City Bancorp Inc to close at the end of 2014 instead of Jan. 31 as it does not expect the Federal Reserve to act on its application before the latter part of the year.
The $3.7 billion deal, announced in August 2012, was originally expected to close in the second quarter of 2013, but the Fed had raised concerns about M&T's anti-money laundering procedures.
M&T Bank, based in Buffalo, New York, said on Tuesday it was devoting substantial resources to satisfy the Fed's concerns and was making significant progress.
Hudson City is based in Paramus, New Jersey and operates in the New York City area. M&T Bank has branches throughout the mid-Atlantic states.