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Stock Market & Financial Investment News

News Breaks
February 19, 2014
06:12 EDTMTBM&T Bank upgraded to Buy from Neutral at SunTrust
SunTrust now believes M&T Bank's (MTB) acquisition of Hudson City Bancorp (HCBK) is likely to close in late 2014 and raised estimates to reflect the benefits of the acquisition. As a result, the firm upgraded shares and raised its price target to $130 from $115.
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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 EDTMTBHudson City Bancorp names Denis Salamone as CEO
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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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