The M&T Bank Corporation has agreed to buy Hudson City Bancorp, expanding M&T's reach on the East Coast, the New York Times DealBook blog reported yesterday. Under the terms of the deal, M&T will pay roughly $3.7 billion in cash and stock. The price represents a premium of about 16 percent to Hudson City's market value on Friday. With the acquisition, M&T will bolster its presence in important markets including New York, New Jersey and Connecticut. In all, M&T will add 135 branches and $25 billion in deposits.
