BUFFALO, N.Y — M&T Bank Corp. (NYSE: MTB), Central New York’s largest bank ranked by deposit market share, has declared a quarterly cash dividend of 70 cents per share on its common stock.
The Buffalo–based banking company will pay the dividend on Dec. 29 to shareholders of record at the close of business on Oct. 30.
M&T said in a news release that its board of directors “made the determination to select this record date as a reasonable means to offset a portion of the expense that M&T will assume, and to assist in fully satisfying its obligations under, the consent order entered into by Hudson City Savings Bank with the Consumer Financial Protection Bureau and the U.S. Department of Justice.”
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M&T’s acquisition of Hudson City Bancorp, Inc. (NASDAQ: HCBK) is scheduled to close on or about Nov. 1. M&T recently announced it had received approval from federal and state regulators to complete a purchase that had been long delayed by regulatory issues including M&T’s anti-money laundering and Bank Secrecy Act programs, as well as Hudson City’s lending practices.
M&T, which had total assets of nearly $98 billion as of Sept. 30, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and DC.
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