Fed Concerns Delay $3.7B M&T Bank, Hudson City Merger

Law360, New York (April 12, 2013, 3:55 PM EDT) -- Hudson City Bancorp Inc. and M&T Bank Corp. said Friday that their proposed $3.7 billion merger will be delayed by Federal Reserve concerns over M&T Bank’s procedures relating to the U.S. Bank Secrecy Act and its anti-money laundering compliance program.

The banks said in a joint statement that M&T would be hiring an undisclosed outside consulting firm to address the worries, and the expected closing date for the deal has been moved back to at least early 2014.

“In view of the potential timeframe required to...
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