It looks like M&T Bank (MTB) pulled off a very attractive acquisition of Hudson City (HCBK). The acquisition will be accretive to capital ratios, tangible book, and GAAP operating earnings per share. The low interest rate environment has hurt Hudson City but this acquisition will fill a whole in M&T Bank’s regional footprint. I think that M&T got a bargain price on this deal and if the economic environment were a little stronger I’d expect other bids.
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