PARAMUS, N.J., Dec. 17, 2010 /PRNewswire/ -- Hudson City
Bancorp, Inc. (Nasdaq: HCBK) ("Bancorp"), the holding company of
Hudson City Savings Bank ("Hudson City"), announced today that
Hudson City withdrew its application to the Office of the
Comptroller of the Currency (the "OCC") to convert to a national
bank. As a result, Hudson City will continue to operate as a
federally chartered savings bank and Bancorp will continue as a
saving and loan holding company. Pursuant to the Dodd Frank
Wall Street Reform and Consumer Protection Act, the Office of
Thrift Supervision (the "OTS") will be merged into the OCC as early
as July 2011 and Hudson City will
become subject to the regulation and supervision of the OCC and
Bancorp will become subject to the regulation and supervision of
the Federal Reserve Board.
Ronald E. Hermance, Jr.,
Chairman, President and Chief Executive Officer commented, "Our
original decision to convert to a national bank charter reflected
the significant uncertainty surrounding various legislative
proposals that sought to eliminate the thrift charter as well as
the OTS, our primary federal regulator. However, with the
adoption of the Dodd Frank Act, while the OTS will merge into the
OCC, the thrift charter will survive. During the course of
the application process and recently as part of our yearly business
planning process, our Board has had the opportunity to assess our
business plan in light of our solid level of performance and the
trust and confidence of our customers and shareholders during these
uncertain financial times. Without the regulatory uncertainty
surrounding the thrift charter, it is readily apparent that our
traditional thrift business model will remain the core of our
business operations. Accordingly, we believe the thrift
charter will continue to be the form of legal organization that is
most compatible with our business plans, allow us to best serve our
customers and provide the best opportunity to provide the long term
financial results that our shareholders have come to expect."
Mr. Hermance concluded, "We recently learned that large thrifts
such as Hudson City will be subject to the supervision of the OCC's
mid-size bank group, the same team that would otherwise have
supervised us as a national bank. A significant benefit of
going through the application process was the early development of
a working relationship with our new regulator. While our focus
remains on attracting deposits and originating and purchasing first
mortgage loans on residential properties, we are mindful of the
enhanced regulatory scrutiny that the entire industry, bank and
thrift alike, have been experiencing. We look forward to
working closely with both the OTS and the OCC as the regulatory
transfer date in July 2011 approaches
to assure our regulators, customers and shareholders that Hudson
City will continue to adhere to the high standards expected of
us."
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
135 branch offices in the New York
metropolitan and surrounding areas and its deposits are insured by
the Federal Deposit Insurance Corporation.
SOURCE Hudson City Bancorp, Inc.