April 12, 2013 / 1:16 PM / 5 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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below