M&T Bank & New Jersey-based Hudson City Bancorp have received regulatory approval from the Federal Reserve to merge. The deal was first announced more than three years ago.
Buffalo-based M&T agreed to buy Hudson City for $3.7 billion in 2012, but the lenders were forced to extend the termination date several times because of regulatory concerns.
M&T Chairman and CEO Robert Wilmers says he is gratified by his employees' commitment to strengthening the bank's risk and regulatory compliance programs.
Hudson City branches will operate under the M&T name until they are converted to M&T's network, which is expected to happen in the first quarter of 2016.
