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M&T spokesman says $3.7B takeover of Hudson City is still on track

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The $3.7 billion acquisition of Paramus-based Hudson City Savings Bank by M&T Bank, of Buffalo, N.Y., remains on track while M&T addresses bank regulatory concerns, according to M&T spokesman C. Michael Zabel.

The banks announced in April that the merger would be delayed after bank regulators identified deficiencies in M&T's bank secrecy and anti-money laundering compliance procedures. The date that either bank can walk away from the deal, if it has not yet closed, is Jan. 31.

A June 17 written agreement between M&T and the Federal Reserve Bank of New York gave M&T 60 days to submit a revised compliance program to the Fed. Zabel would not comment on whether M&T has submitted its revised compliance program to the Fed, or if the Fed extended the deadline.

Zabel said M&T previously disclosed "we were going to be taking care of some issues that the Fed had with our processes and procedures around the Bank Secrecy Act and anti-money laundering laws. That work is underway. There are various steps in the process under the terms of that written agreement, and we are making good progress against those."

As far as the pending merger goes, "Nothing has changed," Zabel said. "Our commitment remains the same. We are fully committed to completing the merger. Our first priority right now remains completing the work that the Fed wants us to do, and we are making good progress."

A spokesman for the Federal Reserve Bank of New York declined to comment.

Reporter Beth Fitzgerald is @BethFitzgerald8 on Twitter.

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Beth Fitzgerald

Beth Fitzgerald

Beth Fitzgerald reports on health care, small business and higher education. She joined NJBIZ in 2008 after a 34-year career at the Star-Ledger and has been reporting on business in New Jersey since 1978. Her email is beth@njbiz.com and she is @bethfitzgerald8 on Twitter.

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