M&T Bank Corp and Hudson City Bancorp Inc said on Friday it may take more time than expected for the U.S. Federal Reserve to rule on M&T's proposed $3.7 billion purchase of its smaller rival because of concerns over M&T's anti-money laundering program. The two banks said in a statement they intend to extend the date after which either of them may decide to terminate the deal, if it is not completed, to Jan. 31, 2014, from Aug 27.M&T has hired an outside consultant to help it address the concerns of the Fed's banking regulators. It did not immediately identify the consultant.
Hudson City Bancorp, Inc. (Hudson City Bancorp) serves as the holding company of its subsidiary, Hudson City Savings Bank (the Bank). Shares of HCBK remained unchanged at $8.77. In the past year, the shares have traded as low as $5.69 and as high as $8.82. On average, 2693470 shares of HCBK exchange hands on a given day and today's volume is recorded at 0.
M&T Bank Corporation (M&T) is a bank holding company. Shares of MTB remained unchanged at $104.92. In the past year, the shares have traded as low as $76.92 and as high as $105.89. On average, 744169 shares of MTB exchange hands on a given day and today's volume is recorded at 10816.
The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK remained unchanged at $12.90. In the past year, the shares have traded as low as $8.26 and as high as $14.24. On average, 149092 shares of TBBK exchange hands on a given day and today's volume is recorded at 0.
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