M&T Bank Corp. said Tuesday that it had successfully converted the former Hudson City Savings Bank branches in New Jersey and Connecticut, reopening 135 locations and 121 ATMs under the M&T name to finally give the Buffalo-based bank a leading presence in the Garden State.
The conversion marks the culmination of a long, drawn-out process that began when the $3.7 billion acquisition of Paramus, N.J.-based Hudson City Bancorp was first announced in August 2012. Originally slated to close by June 2013, the merger instead was delayed four times after federal banking regulators found fault with M&T’s anti-money-laundering procedures and demanded that it take corrective action. It was finally approved last year and closed Nov. 2 for $5.2 billion, with Hudson City CEO Dennis J. Salamone joining M&T’s board.
The deal added $34.6 billion in assets, $19 billion in loans and $17.9 billion in deposits at closing. With the completion of the deal and the conversion, M&T now has 177 branches in the metropolitan area that includes New Jersey, New York City and Connecticut, with more than $24 billion in bank deposits and 1,965 employees in all. M&T already sent new checks and ATM cards to former Hudson City customers, and transferred all accounts and balances. There have been no changes in branch hours.
“Converting these offices into M&T Bank branches gives us a platform to expand our community banking model and significantly increase our lending in New Jersey and Connecticut,” said Paula Mandell, M&T’s executive for the area. “We look forward to deepening our relationships with our existing clients, and building strong relationships with our new customers, who will find many of the same friendly faces serving them at these branches.”