M&T Bank Corp., based in Buffalo, New York with a commercial office in Norwalk, said talks were continuing toward its merger with New Jersey-based Hudson City Bancorp, which maintains nine branches and nine ATMs in Fairfield County.
M&T said it expects the deal to be complete “on or around Nov. 1.” The Federal Reserve Bank gave regulatory approval to the merger Sept. 30.
M&T reported all of Hudson City’s branches will continue to operate under the Hudson City name as a division of M&T Bank until they are converted to M&T’s network, which is expected to occur in the first quarter of 2016.
“(This Sunday) we expect to complete the merger with Hudson City,” an M&T spokesperson told the FCBJ. “Customers will receive additional information after the merger has been finalized.”
The M&T Norwalk office has 25 employees focused on small-business, middle-market and commercial real estate lending.
The Hudson City and M&T ATMs will immediately become “reciprocal” when the deal is final, meaning Hudson City customers who find themselves in Westchester County or in New York City and want to use an M&T Bank ATM machine to get cash would not face any fee. The same will be true of M&T customers who want to use a Hudson City ATM.
“At M&T, we are deeply committed to the success of the customers and communities we serve, and we look forward to the opportunity to bring that strong commitment to Hudson City’s markets,” said Robert G. Wilmers, M&T chairman and CEO. “M&T also brings a wider array of banking solutions and services. As a thrift, Hudson City focused primarily on deposits and mortgages. M&T will create a comprehensive banking franchise that provides a full range of checking and savings accounts, debit and credit cards, home equity and other lending options, investment and insurance services, small business and commercial banking services as well as our renowned wealth management and corporate trust solutions through Wilmington Trust.”
M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and Washington, D.C. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
Hudson City Bancorp is a Delaware corporation organized in 1999. It serves as the holding company of its only subsidiary, Hudson City Savings Bank. Hudson City Savings Bank conducts its operations out of corporate offices in Paramus, New Jersey and through 135 banking offices in the New York metropolitan area.
