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M&T, Hudson City see delay in Fed ruling on $3.7 bln deal
April 12, 2013 / 1:16 PM / 4 years ago

M&T, Hudson City see delay in Fed ruling on $3.7 bln deal

April 12 (Reuters) - M&T Bank Corp and Hudson City Bancorp Inc said on Friday it may take more time than expected for the U.S. Federal Reserve to rule on M&T’s proposed $3.7 billion purchase of its smaller rival because of concerns over M&T’s anti-money laundering program.

The two banks said in a statement they intend to extend the date after which either of them may decide to terminate the deal, if it is not completed, to Jan. 31, 2014, from Aug 27.

M&T has hired an outside consultant to help it address the concerns of the Fed’s banking regulators. It did not immediately identify the consultant.

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