M&T Bank Corp. (MTB) and Hudson City Bancorp, Inc. (HCBK) announced that they expect additional time will be required to obtain a regulatory determination on the applications necessary to complete their proposed merger.
M&T said it filed its regulatory applications with its regulators in September, 2012.
M&T noted 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.
In view of the potential timeframe required to implement this initiative, 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.
M&T Bank noted that 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.
M&T plans to announce its first quarter 2013 earnings results on Monday, April 15, 2013.
In August 2012, M&T Bank said it agreed to buy Hudson City Bancorp and merge it into its subsidiary in a cash and stock deal valued at about $3.7 billion.
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