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Paramus’ Hudson City merger deadline put back 4 months

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Paramus’ Hudson City merger deadline put back 4 months

DECEMBER 10, 2014    LAST UPDATED: WEDNESDAY, DECEMBER 10, 2014, 1:21 AM
BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD

* M&T extends $3.7 billion Hudson City deal to April 30 as Fed reviews would-be buyer’s money-laundering controls

The deadline for the $3.7 billion merger between Hudson City Bancorp Inc. of Paramus, New Jersey’s largest bank, and Buffalo-based M&T Bank Corp. has been held up for a third time, the lenders said Tuesday, extending the longest delay for any bank tie-up since the financial crisis six years ago.

With a Dec. 31 deadline looming, the banks said the merger, first announced in August 2012, would have to be completed by April 30, the companies said in a release. When the deal was first announced, it was the biggest takeover of a U.S. bank in 2012, according to Bloomberg News data.

The deadline extension follows similar announcements in August 2013 and January of this year. Bank mergers have generally taken longer to complete since the financial crisis, as regulators have placed more scrutiny and requirements on prospective partners. However, experts said the M&T-Hudson City deal is taking far longer than normal, even by current standards, and perhaps longer than any bank merger in memory.

https://www.northjersey.com/news/business/merger-tied-up-3rd-time-1.1149488

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