Hudson City Bancorp, Inc. Completes its Acquisition of Sound Federal Bancorp, Inc.
July 14 2006 - 6:15PM
PR Newswire (US)
PARAMUS, N.J., July 14 /PRNewswire-FirstCall/ -- Hudson City
Bancorp, Inc. (the "Company") (NASDAQ:HCBK), the parent company for
Hudson City Savings Bank (the "Bank"), announced today that its
acquisition of Sound Federal Bancorp, Inc. ("Sound"), the parent
company for Sound Federal Savings ("Sound Federal"), has been
completed. In accordance with the Agreement and Plan of Merger,
dated February 8, 2006, the Company acquired Sound and, through a
series of transactions, merged Sound Federal with and into the
Bank. Sound Federal, with over $1 billion in assets and deposits,
was founded in 1891 and operated 14 branches in New York's
Westchester, Rockland, and Putnam Counties as well as Fairfield
County, Connecticut. This acquisition represents Hudson City's
initial entry into the high-income suburban counties served by
Sound Federal and further enhances the already attractive
demographics of Hudson City's footprint. Following the acquisition,
Hudson City now has branches in seven of the top 50 counties in the
United States as ranked by estimated 2005 median household income
and Hudson City ranks as the 4th-largest thrift in the United
States with more than $32 billion in assets and 109 retail branches
in New Jersey, New York, and Connecticut. The Company purchased
Sound for $20.75 per share in cash, representing an aggregate
transaction value of approximately $265 million. The Bank will
operate the branches of Sound Federal under the name "Sound
Federal, a Division of Hudson City Savings Bank" beginning on
Saturday, July 15, 2006. Registered stockholders of Sound will
receive materials from Mellon Investor Services LLC, the paying
agent for the transaction, within the next ten business days
instructing them on how to exchange their shares for the merger
consideration. About Hudson City Hudson City Bancorp, Inc. is the
parent company of Hudson City Savings Bank, a well-established
community banking institution with a long-standing tradition of
service excellence. Following its acquisition of Sound, Hudson City
has assets exceeding $32 billion, ranking it in the top fifty
financial institutions in the United States by asset size. Hudson
City Savings Bank operates 109 full service branches throughout the
New York metropolitan area. The Federal Deposit Insurance
Corporation insures Hudson City Savings' deposits. Forward-Looking
Statements This release may contain certain "forward looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, and may be identified by the use of such words
as "may," "believe," "expect," "anticipate," "should," "plan,"
"estimate," "predict," "continue," and "potential" or the negative
of these terms or other comparable terminology. Examples of
forward-looking statements include, but are not limited to,
estimates with respect to the financial condition, results of
operations and business of Hudson City Bancorp and statements about
the benefits of the merger between Hudson City Bancorp and Sound
Federal Bancorp that are subject to various factors which could
cause actual results to differ materially from these estimates. Any
or all of the forward-looking statements in this release and in any
other public statements made by Hudson City may turn out to be
wrong. They can be affected by inaccurate assumptions Hudson City
might make or by known or unknown risks and uncertainties.
Consequently, no forward- looking statement can be guaranteed.
Hudson City does not intend to update any of the forward-looking
statements after the date of this release or to conform these
statements to actual events. DATASOURCE: Hudson City Bancorp, Inc.
CONTACT: Louis J. Beierle, First Vice President, Investor Relations
of Hudson City Bancorp, Inc., +1-201-967-8290, Web site:
http://www.hcbk.com/
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