Ronald E. Hermance, Jr. of Hudson City Named Banker of the Year
January 14 2008 - 11:47AM
PR Newswire (US)
PARAMUS, N.J., Jan. 14 /PRNewswire-FirstCall/ -- Ronald E.
Hermance, Jr., Chairman, President and Chief Executive Officer of
Hudson City Bancorp, Inc. ("Hudson City") (NASDAQ:HCBK), the
largest savings bank headquartered in New Jersey and the second
largest thrift in the United States, was recently named Banker of
the Year by Jim Cramer of Cramer's nationally syndicated Mad Money
program on CNBC. The award follows the Bank being named The
Best-Managed Bank of 2007 by Forbes. According to Forbes, "Bank
revenue has grown an average 17% over the past five years. Hudson
City's stock, up 22% over the past three years, easily beat its
fellow thrifts, down 23%." In naming Hermance as recipient of the
inaugural George Bailey Banker of the Year Award, (named after the
movie character in It's a Wonderful Life) Cramer noted, "Hudson
City is the only bank that we're recommending...Even as the
financial sector continues to reel from the subprime-mortgage loan
crisis, one bank is showing others how to do business the old
fashioned way. Hermance runs a lean, mean banking machine." Hudson
City serves New York, New Jersey and Connecticut and has stayed
away from the speculative markets of Florida and California.
"Hudson City operates much more efficiently than its competitors,"
said Hermance during an interview with Cramer. "On average, the top
banks in the country spend 55 cents of every dollar on overhead
costs while Hudson City spends 25.6 cents. The higher efficiency
enables the Bank to give our customers better deposit yields, lower
fees, and competitive mortgage rates," said Hermance. "The in-born
efficiency is not something any bank can create now," he said. "It
has to have occurred 20 to 25 years ago, with getting the right
kind of lease, employees, pensions, everything. You have to make
that kind of investment years ahead of time." According to
Hermance, total assets for the Bank have consistently grown from
$8.5 billion to over $42 billion since first going public in 1999.
Residential mortgage lending grew at a compounded annual rate of
24% over the same time period and the average deposits per branch
of $124 million is 80% higher than the national average of $69
million of FDIC insured banks. In addition to the Jim Cramer Mad
Money and Forbes awards, Hudson City was added to the S&P 500
Index in February 2007. It also received top rankings in the Wall
Street Journal's 2007 Annual Shareholder Performance Scoreboard.
The Wall Street Journal cited Hudson City as the number two bank in
the country as ranked by a five-year average return of 30.29% and
the New York Times has recognized Hudson City's strong performance
as well. On September 25, 2007, Hudson City was cited as 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, and lower fees. 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. 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 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 of Hudson City Bancorp,
Inc., +1-201-967-8290, Web site: http://www.hcbk.com/
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