On Monday, August 27, M&T Bank Corp. announced it would be buying Hudson City Bancorp, the parent company of Hudson City Savings Bank, for $3.7 billion. The deal is expected to close next year. It will give M&T an additional 135 branches in three states, the fourth retail market share in New Jersey and move it closer to ranking in the top 10 banks.
According to Governor Andrew Cuomo this acquisition is a sign of good things happening in New York and its surrounding areas. “This acquisition is proof that New York has turned a corner and is truly open for business. Over the past 20 months, by working with the private sector, we are transforming our state into a premier place for business to invest and grow. The agreement between M&T Bank Corp and Hudson City Bancorp Inc. is yet another example of how New York has become a state where businesses come to succeed and prosper.”