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M&T Bank, Hudson City announce extension of merger agreement

M&T Bank (MTB) and Hudson City Bancorp (HCBK) announced that they expect additional time will be required to obtain a regulatory determination on the applications necessary to complete their proposed merger. Based upon discussions with the Federal Reserve, M&T expects that additional time will be required for the Federal Reserve to act on the merger application, and that any such action is not likely to occur before the latter part of 2014. As a result, M&T and Hudson City have agreed to extend from January 31, 2014 to December 31, 2014 the date after which either party may elect to terminate the merger agreement if the merger has not yet been completed. However, there can be no assurances that regulatory approval will be obtained or that the merger will be completed by that date. M&T and Hudson City intend to close the merger as soon as possible following the receipt of all necessary regulatory approvals and satisfaction of all other conditions to closing.