M&T Bank says Hudson City merger accretive to earnings in 2013 The merger will be accretive to earnings in high single digits in 2014. The company expects $120M of pre-tax merger-related expenses in 2013-2014. Comments taken from slides for Citigroup U.S. Financial Services Conference.
M&T Bank downgraded at Raymond James As previously reported, Raymond James downgraded M&T Bank (MTB) to Underperform from Market Perform. The firm lowered EPS estimates to reflect more conservative NIM assumptions and the pushout of the Hudson City (HCBK) deal.
Hudson City Bancorp and M&T Bank to extend time to complete merger Hudson City Bancorp (HCBK) and M&T Bank (MTB) announced that they have agreed to extend the date after which either party may elect to terminate the Agreement and Plan of Merger dated August 27, 2012, if the merger has not yet been completed from December 31 to April 30, 2015 pursuant to Amendment No. 3 to the Agreement and Plan of Merger, which has been approved by both the Hudson City and M&T Boards of Directors. The consideration and exchange ratio as provided in the Agreement and Plan of Merger will remain the same.