M&T Bank Corp. (NYSE: MTB) announced plans today to acquire Paramus, N.J.–based Hudson City Bancorp, Inc. (NASDAQ: HCBK) and its 135 branches in New Jersey, downstate New York, and Connecticut.
The $3.7 billion deal will bring Buffalo–based M&T $25 billion in deposits and $28 billion in loans. Most of Hudson City’s branches are in New Jersey, where M&T said it will have the fourth largest deposit share following the acquisition’s closing.
Buffalo–based M&T is the leading bank in the Syracuse–area deposit market with 30 branch offices, more than $2.2 billion in deposits, and a market share of more than 21.2 percent. It is number two in the Utica–Rome market with 13 branches, more than $615 million in deposits, and a market share of about 16.8 percent.
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M&T also leads the Binghamton–area market with a deposit market share of 48.7 percent, 16 branches, and more than $1.2 billion in deposits, according to the latest statistics from the Federal Deposit Insurance Corp.
The bank has $80.8 billion in total assets and more than 780 branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and Washington, D.C.
Hudson City’s branch footprint is adjacent to M&T’s and there is little overlap, according to M&T. Hudson City currently has $43.6 billion in assets.
“As a thrift, Hudson City focused primarily on deposits and mortgages,” M&T Chairman and CEO Robert Wilmers. “M&T will build on Hudson City’s loyal customer base to create a comprehensive community banking franchise that provides a full range of checking and savings accounts, debit and credit cards, home equity loans and other lending options, plus small business and commercial banking services and our premier wealth management and corporate trust solutions through Wilmington Trust.”
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