M&T and Hudson City Make Announcement Relating to the Proposed Merger of the Two Companies

 M&T and Hudson City Make Announcement Relating to the Proposed Merger of the
                                Two Companies

PR Newswire

BUFFALO, N.Y. and PARAMUS, N.J., April 12, 2013

BUFFALO, N.Y. and PARAMUS, N.J., April 12, 2013 /PRNewswire/ --M&T Bank
Corporation ("M&T") (NYSE: MTB) and Hudson City Bancorp, Inc. ("Hudson City")
(NASDAQ: HCBK) announced today that they expect additional time will be
required to obtain a regulatory determination on the applications necessary to
complete their proposed merger. M&T filed its regulatory applications with its
regulators in September, 2012. M&T has learned that the Federal Reserve has
identified certain regulatory concerns with M&T's procedures, systems and
processes relating to M&T's Bank Secrecy Act and anti-money-laundering
compliance program. M&T has already commenced a major initiative, including
the hiring of an outside consulting firm, intended to fully address the
Federal Reserve's concerns.

In view of the potential timeframe required to implement this initiative,
demonstrate its efficacy to the satisfaction of the Federal Reserve and
otherwise meet any other regulatory requirements that may be imposed in
connection with these matters, M&T and Hudson City believe that the timeframe
for closing the transaction will be extended substantially beyond the date
previously expected. M&T and Hudson City intend to extend the date after which
either party may elect to terminate the merger agreement if the merger has not
yet been completed from August 27, 2013 to January 31, 2014, but there can be
no assurances that the merger will be completed by that date. The
consideration and exchange ratio as provided in the merger agreement will
remain the same, and both M&T and Hudson City will proceed with their special
shareholders' meetings to consider the merger on April 16, 2013 and April 18,
2013, respectively. M&T and Hudson City intend to close the merger as soon as
possible following the receipt of all necessary regulatory and shareholder
approvals and satisfaction of all other conditions to closing.

M&T plans to announce its first quarter 2013 earnings results in a press
release that will be issued before the market opens on Monday, April 15,
2013. Following the release, M&T will conduct a conference call and webcast
at 10:30 a.m. (ET) to discuss the earnings results and the status of the
Hudson City transaction. The conference call and webcast may contain
forward-looking statements and other material information.

Domestic callers wishing to participate in the call may dial toll free (877)
780-2276. International participants, using any applicable international
calling codes, may dial (973) 582-2700. Callers should reference M&T Bank
Corporation or the conference ID #34438289. The conference call will be
webcast live through M&T's website at http://ir.mandtbank.com/events.cfm.

A replay of the call will be available until Wednesday, April 17, 2013 by
calling (800) 585-8367, or (404) 537-3406 for international participants, and
by making reference to the ID # 34438289. The webcast archive of the
conference call will be available by 7:00 p.m., April 15, 2013 on M&T's
website at http://ir.mandtbank.com/events.cfm.

M&T is a financial holding company headquartered in Buffalo, New York. M&T's
principal banking subsidiary, M&T Bank, operates banking offices in New York,
Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of
Columbia. Trust-related services are provided by M&T's Wilmington
Trust-affiliated companies and by M&T Bank.

Cautionary Statements Regarding Forward-Looking Information

This release contains forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 giving M&T's and Hudson
City's expectations or predictions of future financial or business performance
or conditions. Forward-looking statements are typically identified by words
such as "believe," "expect," "anticipate," "intend," "target," "estimate,"
"continue," "positions," "prospects" or "potential," by future conditional
verbs such as "will," "would," "should," "could" or "may", or by variations of
such words or by similar expressions. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are made and
neither M&T nor Hudson City assumes any duty to update forward-looking
statements.

On August27, 2012, M&T, Hudson City and Wilmington Trust Corporation, a
Delaware corporation and a wholly owned subsidiary of M&T ("WTC"), entered
into an Agreement and Plan of Merger (the "Merger Agreement"). The Merger
Agreement provides that, upon the terms and subject to the conditions set
forth therein, Hudson City will merge with and into WTC, with WTC continuing
as the surviving entity (the "Merger"). In addition to factors previously
disclosed in M&T's and Hudson City's reports filed with the SEC and those
identified elsewhere in this release, the following factors among others,
could cause actual results to differ materially from forward-looking
statements or historical performance: ability to obtain regulatory approvals
and meet other closing conditions to the Merger, including approval by M&T and
Hudson City shareholders, on the expected terms and schedule, particularly in
view of the Federal Reserve issues that have caused a delay in obtaining a
regulatory determination; the additional delay in closing the Merger;
difficulties and delays in integrating the M&T and Hudson City businesses or
fully realizing cost savings and other benefits; business disruption following
the Merger; changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; changes in interest rates and capital markets;
inflation; customer acceptance of M&T products and services; customer
borrowing, repayment, investment and deposit practices; customer
disintermediation; the introduction, withdrawal, success and timing of
business initiatives; competitive conditions; the inability to realize cost
savings or revenues or to implement integration plans and other consequences
associated with mergers, acquisitions and divestitures; economic conditions;
and the impact, extent and timing of technological changes, capital management
activities, and other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms.

Important Additional Information.

In connection with the Merger, M&T filed with the SEC on February 22, 2013 a
Registration Statement on Form S-4 that includes a Joint Proxy Statement of
M&T and Hudson City and a Prospectus of M&T (together with the Joint Proxy
Statement, as amended, the "Joint Proxy Statement/Prospectus"), as well as
other relevant documents concerning the proposed transaction. The S-4 has been
declared effective and the Joint Proxy Statement/Prospectus was first mailed
to shareholders of M&T and Hudson City on or about February27, 2013. Each of
M&T and Hudson City may file other relevant documents concerning the proposed
transaction. SHAREHOLDERS OF M&T AND HUDSON CITY ARE URGED TO READ THE
REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE
MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

A free copy of the Joint Proxy Statement/Prospectus, as well as other filings
containing information about M&T and Hudson City, may be obtained at the SEC's
Internet site (http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from M&T at www.mtb.com under the tab "About Us"
and then under the heading "Investor Relations" or from Hudson City by
accessing Hudson City's website at www.hcsbonline.com under the heading
"Investor Relations." Copies of the Joint Proxy Statement/Prospectus can also
be obtained, free of charge, by directing a request to Investor Relations, One
M&T Plaza, Buffalo, New York 14203, (716)842-5445.

M&T and Hudson City and certain of their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from
the shareholders of M&T and Hudson City in connection with the Merger.
Information about the directors and executive officers of M&T and their
ownership of M&T common stock is set forth in the proxy statement for M&T's
2013 annual meeting of shareholders, as filed with the SEC on Schedule 14A on
March6, 2013. Information about the directors and executive officers of
Hudson City and their ownership of Hudson City common stock is set forth in
the proxy statement for Hudson City's 2012 annual meeting of shareholders, as
filed with the SEC on a Schedule 14A on March19, 2012. Additional information
regarding the interests of those participants and other persons who may be
deemed participants in the transaction may be obtained by reading the Joint
Proxy Statement/Prospectus regarding the Merger and other relevant materials
filed with the SEC. Free copies of this document may be obtained as described
in the preceding paragraph.

Contacts:
M&T
Investor Contact: Donald J. MacLeod
                  (716) 842‑5138
Media Contact:    C. Michael Zabel
                  (716) 842-2311
Hudson City       Susan Munhall
Investor Contact: (201) 967-8290

SOURCE M&T Bank Corporation

Website: http://www.mandtbank.com
 
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