Hudson City Bancorp, Inc. and M&T Bank Corporation announced a definitive agreement. Hudson City will merge into a subsidiary of M&T, expanding a community banking franchise in the eastern United States and putting it on a more equal footing with PNC and other rivals.
The deal comes after the integration of Wilmington Trust into M&T. Unlike the Hudson merger, Wilmington Trust was acquired at a discount price, due primarily to real estate loan problems at the Delaware.
The transaction is expected to add to earnings and book value.
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via Hudson City Bancorp to Merge with M&T Bank Corp. in $3.7B Deal | Philadelphia Citybizlist.
