Hudson City Increases Market Share In 20 of 22 Markets It Serves
November 14 2007 - 2:55PM
PR Newswire (US)
Continues Successful Growth Strategy PARAMUS, N.J., Nov. 14
/PRNewswire-FirstCall/ -- Hudson City Bancorp, Inc. ("Hudson City")
(NASDAQ:HCBK), the third largest savings bank in the United States,
reported today that it has increased its deposit market share in 20
of the 22 geographic markets that it serves, according to recently
compiled figures by the FDIC (for the period June 2006 through June
2007). Hudson City has branches located in 9 of the top 50 counties
in the United States in terms of median household income. According
to Ronald E. Hermance, Jr., Hudson City's Chairman, President and
Chief Executive Officer, "The FDIC data also shows that Hudson City
ranks among the top five banks in 30% of the markets that we serve.
The fact that we were able to increase our market share in some of
the most competitive markets in the country provides further
evidence that our strategy is working. The only reason that we
didn't increase our market share in 100% of our markets is due to a
technicality -- our ambitious stock buyback program was funded by
our holding company's own deposits (held in Paramus, New Jersey and
Westchester, New York) and was consequently reported to the FDIC as
a withdrawal." Hudson City, the largest savings bank headquartered
in New Jersey, also serves customers throughout the surrounding
metropolitan area with 119 branches located in New York,
Connecticut, and the New Jersey suburbs of Philadelphia.
Capitalizing on a successful strategy of expanding its footprint
from its home base in New Jersey to contiguous high potential
growth markets, Hudson City's total assets have grown 91% to over
$42 billion since its 2005 public offering. Its deposits per branch
($124 million as of September 2007) dwarf the national average of
FDIC-insured institutions ($69 million) and the stock price has
appreciated 883% from 1999 to the close of trading on November 13,
2007. Hudson City quality also ranks in the top one percent among
the largest mortgage lenders. A recent study by SMR Research (the
nation's largest publisher of research on consumer finance), rated
Hudson City among the top three lenders, nationwide, for
conservative underwriting standards. The findings are part of a
250-page study that utilized six measures of credit risk to
evaluate the nation's largest 163 mortgage lenders. Hudson City's
unique heritage as a traditional thrift, coupled with its
industry-leading efficiency ratio (25% versus an industry average
of over 58%), strong credit quality, and conservative credit
underwriting policy enables the Bank to provide better value to
customers. Hudson City's performance has not gone unnoticed by Wall
Street. On February 14, 2007 Hudson City was selected by Standard
& Poor's to be included in its S&P 500 Index. The Bank was
also named to The Forbes Platinum 400 list of "America's Best Big
Companies." The companies were selected "after a thorough review of
financial metrics, Wall Street forecasts, corporate governance
ratings and other public information." On September 25, 2007 The
New York Times reported that Hudson City was the top-performing
bank in the S&P 500 over the past year with a 15.6% return.
Hudson City Savings Bank, among the top fifty banks in the United
States by asset size, is recognized as The Most Efficient Bank in
the country. This enables Hudson City to deliver significant values
to customers in the form of higher deposit yields, competitive
mortgage rates, lower fees, and a straightforward, streamlined loan
process. Hudson City, the largest savings bank headquartered in New
Jersey, also serves customers throughout the surrounding
metropolitan area with branches located in Westchester, Fairfield,
Putnam, and Rockland counties, as well as in Long Island, Staten
Island, and the New Jersey suburbs of Philadelphia. Deposit
accounts at Hudson City are FDIC insured to the maximum allowed by
law. 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. 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 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: Susan Munhall, Investor Relations, Hudson
City Bancorp, Inc., +1-201-967-8290, Web site: http://www.hcbk.com/
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