An "unexpected" regulatory delay has forced M&T Bank in Buffalo, N.Y., and Hudson City Bancorp in Paramus, N.J., to delay their merger for the fourth time.

The companies announced in separate press releases Monday that the Federal Reserve Board will not act on M&T's merger application before the latest April 30 termination deadline. This time, however, the banks did not automatically extend the deadline after Hudson City's board asked for time to consider its options.

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