Good asset quality Solid core profitability Strong market positions in less-volatile U.S. regions Exposure to higher-risk loan categories such as commercial real estate Capital and funding and liquidity positions that, though improved, remain somewhat weaker than peers' The negative outlook reflects Standard&Poor's Ratings Services' view of weaknesses in M&T Bank Corp.'s compliance infrastructure following the Federal Reserve identifying certain regulatory issues with M&T's procedures, systems, and processes related to its Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance program. The June 2013 written agreement with the Federal Reserve forced M&T to delay the expected acquisition of Hudson City Bancorp, which M&T had scheduled to close in the first half of 2013. (M&T and Hudson City agreed to extend
