M&T Bancorp in Buffalo, N.Y., has
The companies said in a press release Tuesday that they had extended deadline for the deal until April 30. The deal was previously expected to close by the end of this year.
The agreement represents the latest in a series of delays to the planned acquisition, which was first announced in
M&T has made progress in addressing regulators' concerns, though additional work remains, said Denis Salamone, chairman and chief executive of the $37 billion-asset Hudson City, in a press release Tuesday.
"While we are disappointed that the transaction is delayed further, we understand that M&T has continued to make significant progress towards addressing the Federal Reserve's concerns," Salamone said. "As a result, we believe that it is reasonable to agree to an extension to allow M&T to further progress the remediation initiative."
The companies said in the release that "no assurance can be given" as to when they will obtain the necessary approvals to move forward with the deal. With the exception of the termination date, all other provisions of the original agreement remain the same.
"We continue to believe strongly that M&T's merger with Hudson City will be beneficial to both institutions, their shareholders and the customers and communities we serve, and we remain fully committed to the fruition of our agreement," Robert Wilmer, M&T's chairman and CEO, said in the release.
