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Protests by community groups and now a public hearing threaten to delay the completion of CIT's acquisition of OneWest Bank. The deal will probably get approved, and it might not get delayed too long, but all those "probablys" and "mights" are what make the proponents of more big M&A queasy.
February 6 -
Hudson City Bancorp in Paramus, N.J., reported lower quarterly profits as its loan book keeps shrinking.
January 28 -
René Jones, CFO of the Buffalo, N.Y., bank, artfully dodged more than a dozen versions of the same question from analysts: when, and if, is M&T's deal to buy Hudson City Bancorp going to get done?
October 17
Hudson City Bancorp in Paramus, N.J., has been
The $37 billion-asset Hudson City said the Office of the Comptroller of the Currency terminated the memorandum of understanding Friday. The OCC's order, issued in March 2012, had required Hudson City to implement enhanced operating procedures to reduce rate risk and funding concentrations, and improve liquidity, among other items.
"We believe these accomplishments, along with our strong ethical corporate culture, provide Hudson City with the necessary governance structure and risk management framework to meet the challenges facing all financial institutions in this current environment," Chairman and Chief Executive Denis Salamone said in a press release.
Hudson City in August 2012 agreed to be acquired by the $97 billion-asset M&T Bank in Buffalo, N.Y. The deadline for closing the deal has been repeatedly postponed as M&T upgrades its Bank Secrecy Act compliance systems. The two companies now
Hudson City's shares rose less than 1% on Friday, to $9.76 apiece.
