M&T Bank Corporation MTB and Hudson City Bancorp, Inc. HCBK announced today that they expect additional time will
be required to obtain a regulatory determination on the applications
necessary to complete their proposed merger. M&T filed its regulatory
applications with its regulators in September, 2012. M&T has learned that
the Federal Reserve has identified certain regulatory concerns with M&T's
procedures, systems and processes relating to M&T's Bank Secrecy Act and
anti-money-laundering compliance program. M&T has already commenced a major
initiative, including the hiring of an outside consulting firm, intended to
fully address the Federal Reserve's concerns.
In view of the potential timeframe required to implement this initiative,
demonstrate its efficacy to the satisfaction of the Federal Reserve and
otherwise meet any other regulatory requirements that may be imposed in
connection with these matters, M&T and Hudson City believe that the
timeframe for closing the transaction will be extended substantially beyond
the date previously expected. M&T and Hudson City intend to extend the date
after which either party may elect to terminate the merger agreement if the
merger has not yet been completed from August 27, 2013 to January 31, 2014,
but there can be no assurances that the merger will be completed by that
date. The consideration and exchange ratio as provided in the merger
agreement will remain the same, and both M&T and Hudson City will proceed
with their special shareholders' meetings to consider the merger on April
16, 2013 and April 18, 2013, respectively. M&T and Hudson City intend to
close the merger as soon as possible following the receipt of all necessary
regulatory and shareholder approvals and satisfaction of all other
conditions to closing.
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