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Stock Market & Financial Investment News

News Breaks
April 12, 2013
17:51 EDTHCBK, MTBHudson City, M&T Bank reach MOU with holders in lawsuit
In a regulatory filing, Hudson City Bancorp said that on April 12, Hudson City (HCBK) and M&T Bank (MTB) entered into a memorandum of understanding with plaintiffs regarding the settlement of putative class actions pending before the Delaware Court of Chancery and the Hudson City shareholder litigation pending before the Superior Court for the State of New Jersey. Hudson City, M&T, and the other defendants deny all of the allegations in the actions and believe the disclosures in the joint proxy statement are adequate under the law. Nevertheless, Hudson City, M&T, and the other defendants have agreed to settle the actions in order to avoid the costs, disruption, and distraction of further litigation.
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September 18, 2014
08:03 EDTHCBKHudson City Bancorp appoints Anthony Fabiano as President and COO
Hudson City Bancorp announced that Anthony Fabiano has been appointed President and COO of the company and its wholly-owned subsidiary, Hudson City Savings Bank. Fabiano most recently served as Executive Vice President, Finance and Administration of the company and the Bank. Mr. Fabiano succeeds Denis Salamone who was recently appointed CEO and Chairman of the Board. Fabiano was also elected a director of both the Company and the Bank Board of Directors, effective immediately.
07:09 EDTHCBKHudson City Bancorp appoints Denis Salamone Chairman of the Board
Hudson City Bancorp announced that Denis Salamone was appointed to serve as the Chairman of the Board of the company and its wholly-owned subsidiary, Hudson City Savings Bank, effective immediately. Salamone succeeds Ronald Hermance, Jr. who passed away on September 11, 2014. The Company previously announced that Salamone was appointed to succeed Hermance as Chief Executive Officer of the Company and the Bank.
September 17, 2014
16:08 EDTMTBM&T Bank names Richard Gold as Chief Risk Officer
Richard Gold was named a vice chairman of M&T Bank and Chief Risk Officer of M&T Bank Corporation and M&T Bank. Current Chief Risk Officer Donald Truslow announced his retirement, although he will continue at M&T Bank on a part-time basis. Gold brings over 25 years of experience at M&T. He has served on M&T's management committee for seven years and heads its office of regulatory projects.
September 12, 2014
16:09 EDTHCBK, MTBHudson City Bancorp names Denis Salamone as CEO
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11:12 EDTHCBKHudson City Bancorp announces passing of chairman, CEO Ronald Hermance
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06:30 EDTMTBWilmington Trust to pay $18.5M in SEC case for accounting, disclosure fraud
The Securities and Exchange Commission yesterday announced accounting and disclosure fraud charges against a Delaware-based bank holding company for failing to report the true volume of its loans at least 90 days past due as they substantially increased in number during the financial crisis. An SEC investigation found that as the real estate market declined in 2009 and 2010 and its construction loans began to mature without repayment or completion of the underlying project, Wilmington Trust Company did not renew, extend, or take other appropriate action for 90 days or more on a material amount of its matured loans. Instead of fully and accurately disclosing the amount of these accruing loans as required by accounting guidance, Wilmington Trust improperly excluded the matured loans from its public financial reporting. Wilmington Trust, which was acquired by M&T Bank in May 2011, has agreed to pay $18.5M in disgorgement and prejudgment interest to settle the SECís charges.

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