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M&T Bank And Hudson City Bancorp Get Approval To Merge

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.

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.