New York State’s banking regulator has approved M&T Bank’s acquisition of Hudson City Bancorp. That was the last approval needed , paving the way for the merger to be completed on November 1st.
The $3.7 billion deal was initially proposed in 2012, but the process was delayed until M&T upgraded its anti-money laundering and Bank Secrecy Act programs to meet federal regulators’ expectations.
In announcing the approval, Acting Superintendent of Financial Services for NYS, Anthony Albanese, said that M&T Bank has taken substantial steps to strengthen its risk management and anti-money laundering compliance programs.
After the merger, M&T will become the 25th largest financial institution in the country, with assets of about $132.5 billion and deposits of about $90.8 billion.