BUFFALO, N.Y., Nov. 2, 2015 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) ("M&T") announced today that it
completed its acquisition of Hudson City Bancorp, Inc. (NASDAQ:
HCBK) ("Hudson City"). Effective
November 1, 2015, Hudson City merged into a subsidiary of
M&T and Hudson City Savings Bank merged into M&T
Bank.
The acquisition of Hudson City
adds approximately $19 billion in
loans, and expands M&T's franchise by 135 branches, which are
located in New Jersey (97
branches), downstate New York (29
branches) and Fairfield County,
Connecticut (9 branches), along with 123 ATMs. M&T
now operates more than 800 retail and commercial branches and 1,600
ATMs in eight states and the District of Columbia.
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. Customers
will receive additional information before their accounts and
branches are converted to M&T's network.
"We now have a tremendous opportunity to build on Hudson City's rich 147-year-old tradition of
customer and community service, and to expand M&T's
community-focused banking model to new markets and new customers,"
said Robert G. Wilmers, Chairman and
CEO of M&T.
"M&T is a bank with a long and successful history under the
leadership of Bob Wilmers.
They will bring to our customers and the communities we serve many
additional products and services. Our customers will see
these positive changes and quickly realize that M&T possesses
the same character and culture of integrity and customer care they
were accustomed to at Hudson
City," said Denis J. Salamone,
Chairman and Chief Executive Officer of Hudson City. Upon
closing of the transaction, Mr. Salamone joined the M&T and
M&T Bank Boards of Directors.
About M&T Bank Corporation
M&T is a financial
holding company headquartered in Buffalo,
New York. M&T's principal banking subsidiary,
M&T Bank, operates banking offices in New York, Maryland, New
Jersey, Pennsylvania,
Delaware, Connecticut, Virginia, West
Virginia and the District of
Columbia. Trust-related services are provided by
M&T's Wilmington Trust-affiliated companies and by M&T
Bank.
Forward-Looking Statements
This release may contain
certain "forward looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based on
certain assumptions and describe future plans, strategies and
expectations of M&T. Such forward-looking statements may
be identified by the use of such words as "may," "believe,"
"expect," "anticipate," "should," "plan," "estimate," "predict,"
"continue," and "potential" or the negative of these terms or other
comparable terminology. Examples of forward-looking
statements include, but are not limited to, estimates with respect
to the financial condition, results of operations and business of
M&T, and its strategies, plans, objectives, expectations, and
intentions, including the merger, and other statements contained in
this release that are not historical facts.
M&T's ability to predict results or the actual effect of
future plans or strategies is inherently uncertain and actual
results and performance could differ materially from those
contemplated or implied by these forward-looking statements.
They can be affected by inaccurate assumptions M&T might
make or by known or unknown risks and uncertainties. Factors
that could cause assumptions to be incorrect include, but are not
limited to, difficulties and delays in integrating the Hudson City businesses or fully realizing cost
savings and other benefits of the merger, changes in interest
rates, general economic conditions, and legislative, regulatory and
public policy changes. These risks and uncertainties should
be considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. For a
summary of important factors that could affect M&T's
forward-looking statements, please refer to M&T's filings with
the SEC available at www.sec.gov. M&T does not intend to update
any of the forward-looking statements after the date of this
release or to conform these statements to actual events.
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SOURCE M&T Bank Corporation