M&T Bank has received regulatory approval from the Federal Reserve to complete the merger with Hudson City, three years after the deal was first announced.
The deal repeatedly stalled as the Fed reviewed Buffalo, New York-based M&T’s anti-money-laundering controls.
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The deal is expected to be completed by 1 November 2015 and M&T will begin converting Hudson City to its network by early 2016, the banks said in a joint press release.
Hudson City operates 135 branches, of which 97 are located in New Jersey, 29 in downstate New York and 9 in Fairfield County, Connecticut (9 branches).
Following the completion of the merger, M&T Bank will become the 25th largest depository financial institution in the US, with assets of about $132.5bn and deposits of about $90.8bn, according to Federal Reserve.
M&T chairman and CEO Robert Wilmers said: "M&T will create a comprehensive banking franchise that provides a full range of checking and savings accounts, debit and credit cards, home equity and other lending options, investment and insurance services, small business and commercial banking services as well as our renowned wealth management and corporate trust solutions through Wilmington Trust."
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