New York, N.Y. (AP) – Buffalo-based M&T Bank Corp. is buying Hudson City Bancorp Inc. in a cash-and-stock deal valued at about $3.7 billion that will broaden its reach in the eastern U.S.
M&T has $80.8 billion in assets. Hudson City, based in Paramus, N.J., has $43.6 billion in assets.
The buyout includes Hudson City's 135 branch offices located in New York, New Jersey and Connecticut.
The combined company will include 870 branches located in states running from Connecticut to Virginia.
Each Hudson City share will receive consideration valued at 0.08403 of an M&T share in the form of either M&T stock or cash.
Both companies' boards have approved the transaction. It still needs approval from both companies' shareholders.
