M&T Bank Corp's proposed purchase of Hudson City Bancorp Inc will probably take more time to close than previously expected because of U.S. regulatory concerns over anti-money-laundering procedures, the banks said on Friday.Buffalo, New York-based M&T has hired an outside consultant to help it address the concerns raised by regulators at the U.S. Federal Reserve, it said in a statement. It did not immediately identify the consultant.Shares of M&T fell nearly 4 percent to $100.99 on Friday morning, while Paramus, New Jersey-based Hudson City's stock dropped 5.2 percent to $8.31.When the deal was announced in August, it was worth $7.22 for each Hudson City share, or a total of about $3.7 billion.
Hudson City Bancorp, Inc. (Hudson City Bancorp) serves as the holding company of its subsidiary, Hudson City Savings Bank (the Bank). Shares of HCBK fell by 5.13% or $-0.45/share to $8.32. 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 4702803.
M&T Bank Corporation (M&T) is a bank holding company. Shares of MTB fell by 3.48% or $-3.65/share to $101.27. 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 919277.
The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK fell by 0.47% or $-0.06/share to $12.84. 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 2100.
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