Bulletin: M&T Bank Corp. Ratings, Including Negative Outlook, Unchanged After Regulatory Approval For Hudson City Bancorp. Deal

TORONTO (Standard&Poor's) Oct. 1, 2015--Standard&Poor's Ratings Services today said its ratings on M&T Bank Corp. (A-/Negative/A-2) are unchanged following its receipt of regulatory approval to proceed with its purchase of Hudson City Bancorp. (not rated). The bank expects the acquisition to close by Nov. 1, 2015. The acquisition was announced in August 2012. The deal was delayed due to a written agreement between the Federal Reserve and M&T citing issues with the bank's compliance program related to federal anti-money-laundering laws. On Sept. 30, the Federal Reserve gave M&T approval to move ahead with its acquisition. M&T still needs to address some issues that were cited in the written agreement, although it has already addressed the vast

...TORONTO (Standard & Poor's) Oct. 1, 2015--Standard & Poor's Ratings Services today said its ratings on M&T Bank Corp. (A-/Negative/A-2) are unchanged following its receipt of regulatory approval to proceed with its purchase of Hudson City Bancorp. (not rated). The bank expects the acquisition to close by Nov. 1, 2015. The acquisition was announced in August 2012. The deal was delayed due to a written agreement between the Federal Reserve and M&T citing issues with the bank's compliance program related to federal anti-money-laundering laws. On Sept. 30, the Federal Reserve gave M&T approval to move ahead with its acquisition. M&T still needs to address some issues that were cited in the written agreement, although it has already addressed the vast majority of them. In our view, the acquisition has positive and negative aspects. Positively, the acquisition will broaden M&T's retail footprint in the State of New Jersey including the New York City (NYC) and Philadelphia metropolitan areas....

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