Dallas, Texas 10/16/2013 (Financialstrend) – Hudson City Bancorp, Inc. (NASDAQ:HCBK) is a $4.62 billion market capped financial services firm which offers its banking customers services like loans and savings bank facilities. On October 11, Hudson City Bancorp, Inc. (HCBK) announced that it will be hosting a earnings call on October 23 to discuss results from its third quarter operations. The quarter ended on September 30. The parent company operates Hudson City Savings Bank which has been around since 1868 and has a extensive network of close to 135 banking offices and branches. This regional bank services customers predominantly in the New York metropolitan area.
On the side lines of the earnings call, long term investors in the bank would be hoping to hear from the management of the regional bank on any progress on its merger / sell of activity with the larger M&T bank. Readers should note that the two banks had announced earlier this year a merger/acquisition deal whereby the larger market capped M&T would acquire HCBK in a all stock deal. This transaction ran into rough weather when regulators led by Fed had pressed the breaks on the deal. Fed had highlighted structural and procedural weaknesses in M&T’s existing rules governing risk assessment and money laundering. Regulators wanted M&T to fix these loopholes before it would green light its merger with Hudson City. Since then investors of both banks have been on tenterhooks as M&T tries to put in place new procedures which will pass muster with Fed. If the deal does not get consummated before January 31, both the banks will be within their rights as per merger agreement to walk out of the transaction.
At close of business on October 15, the shares of this banking stock which is tracked by S&P 500 index had settled at $9.29 per share, down 1.17% from its previous day close.