Hudson City Bancorp to Merge with M&T Bank in a $3.7B Transaction (HCBK, MTB)

** HCBK and MTB reported that they have entered into a definitive agreement under which HCBK will merge into a subsidiary of MTB, expanding the premier community banking franchise in the eastern United States.

Online PR News – 28-August-2012 – Las Vegas, NV – MTB, M&T Bank Corporation HCBK, Hudson City Bancorp, Inc.

HCBK and MTB reported that they have entered into a definitive agreement under which HCBK will merge into a subsidiary of MTB, expanding the premier community banking franchise in the eastern United States. Under terms of the agreement, each HCBK share will receive consideration valued at 0.08403 of an MTB share in the form of either MTB stock or cash, based upon the election of each HCBK shareholder, subject to proration as specified in the merger agreement (which provides for an aggregate split of total consideration of 60% common stock of MTB and 40% cash). Based on the closing price of MTB stock on August 24, 2012, the transaction is valued at approximately $3.7 billion. MTB expects to gain approximately $25 billion in deposits and $28 billion in loans from the merger (before acquisition accounting adjustments), giving MTB the fourth largest deposit share in New Jersey. MTB is a financial holding company headquartered in Buffalo, New York. MTB's principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank. More about MTB at MTB's 5 days chart: HCBK maintains its corporate offices in Paramus, New Jersey. Hudson City Savings Bank, a well-established community financial institution serving its customers since 1868, is the largest thrift institution headquartered in New Jersey. Hudson City Savings Bank currently operates a total of 135 branch offices in the New York metropolitan and surrounding areas. More about HCBK at HCBK's 5 days chart:

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