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Deposits and assets have fallen, and some customers and employees have fled, while Hudson City in Paramus, N.J., has been stuck in an M&A limbo. But the situation might save buyer M&T Bank some headaches later if it can just close the deal.
June 2 -
Continuing its rapid growth in the Northeast, M&T Bank in Buffalo, N.Y., announced early Monday that it is buying Hudson City Bancorp in Paramus, N.J., for $3.7 billion in cash and stock.
August 27 -
M&T Bank's (MTB) long-delayed purchase of Hudson City Bancorp (HCBK) could be held up until the end of 2014.
December 17
Ron Hermance, chairman and chief executive of Hudson City Bancorp in Paramus, N.J.,
The company said in a press release Friday that Hermance "passed away unexpectedly" the previous night, though there were no further details. Hermance, 67,
The $38 billion-asset Hudson City hired Hermance 27 years ago. He became president in 1997, and took over as CEO five years later. He became chairman in 2005.
Hermance also helped orchestrate his company's
Hudson City said in a
"This transition to a new chief executive officer will not impede the company's strategic plans, including the planned merger with M&T," William Bardel, Hudson's lead independent director, said in the release.