As you will see in one of Rene's upcoming slides, we've had some level of success but we've always believed that a strong branch presence is a key component of commercial banking and Hudson City's branch network should enable us to take our efforts in the greater New York metropolitan area to a higher level.

Hudson City's shareholders will have option to receive and M&T stock when the merger is consummated. We believe there is no better stock to own. In the slide deck we'll go through shortly, you will see M&T's superior long-term earnings and dividend growth trends and our best-in-class return to shareholders.

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