Hudson City Bancorp, Inc. Announces That Hudson City Savings Bank Submits Application To Become A National Bank
March 04 2010 - 4:30PM
PR Newswire (US)
PARAMUS, N.J., March 4 /PRNewswire-FirstCall/ -- Hudson City
Bancorp, Inc. , the holding company of Hudson City Savings Bank
("Hudson City"), announced today that Hudson City submitted an
application to the Office of the Comptroller of the Currency (the
"OCC") to convert from a federally chartered stock savings bank to
a national bank. Hudson City Bancorp will shortly file an
application with the Federal Reserve to become a bank holding
company. Both Hudson City and Hudson City Bancorp are currently
regulated by the Office of Thrift Supervision (the "OTS"). Ronald
E. Hermance, Jr., Chairman, President and Chief Executive Officer
commented, "Our decision to convert to a national bank charter
results from, among other things, our resolve to continue our solid
level of performance and growth in the banking industry and to
maintain the trust and confidence of our customer base during these
uncertain financial times. The current regulatory reform bill that
was approved by the House of Representatives would eliminate the
OTS. In addition, President Obama's Budget Plan also calls for the
dissolution of the OTS. While uncertainty exists at this time as to
what the Senate will do with regard to regulatory reform, in light
of the recent and ongoing period of extraordinary challenge and
change in the banking industry, we believe that change in this
industry is inevitable. At a time when trust and confidence in the
banking industry is being challenged like never before, we believe
it is important to stay ahead of any legal and regulatory changes
implemented with regard to federal financial oversight. In order to
accomplish this, we believe that it is necessary to take
affirmative action by converting to a national bank charter now."
Mr. Hermance continued, "Our rapid growth and current asset size
relative to our peers have also factored into our decision to
convert to a national bank charter. With assets in excess of $60
billion, Hudson City is one of the largest savings banks in the
United States and is among the top twenty-five banks in the country
by asset size. Hudson City is one of only a few large thrift
institutions currently regulated by the OTS. However, many of the
banks that we consider to be peer institutions in terms of asset
size are regulated by the OCC. In light of the remarkable growth we
have experienced to date, the current size of our institution, and
the continued growth we expect to see in the future, we believe the
national bank charter is best suited for an institution of our size
and provides us with the most flexibility going forward." Mr.
Hermance concluded, "We do not plan on changing our current
business model. Our focus remains on attracting deposits and
originating and purchasing first mortgage loans on residential
properties, and we expect to continue this focus as a national
bank." Hudson City Bancorp, the holding company for Hudson City
Savings Bank, maintains its corporate offices in Paramus, New
Jersey. Hudson City Savings Bank, a well-established community
financial institution serving its customers since 1868, is ranked
in the top twenty-five U.S. financial institutions by asset size
and is the largest thrift institution headquartered in New Jersey.
Hudson City Savings currently operates a total of 131 branch
offices in the New York metropolitan and surrounding areas and its
deposits are insured by the Federal Deposit Insurance Corporation.
DATASOURCE: Hudson City Bancorp, Inc. CONTACT: Susan Munhall,
Investor Relations, Hudson City Bancorp, Inc.,+1-201-967-8290,
smunhall@hcsbnj.com
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