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M&T-Hudson City Bancorp Merger Gets Final Approval

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.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.