DOW JONES NEWSWIRES

A New York bank manager pleaded guilty to embezzling more than $700,000 from Hudson City Bancorp Inc. (HCBK).

Milagros Rodriguez, 40, stole from the accounts of customers at Sound Federal Savings and Loan Association, and then at Hudson City Savings Bank after it acquired Sound Federal, federal prosecutors said. He was employed at the bank as a teller, and later was promoted to branch manager.

He was an employee for seven years and surrendered on April 8. He pleaded guilty Wednesday to one count of embezzling bank funds.

Sentencing is set for Dec. 18. The charges carry a maximum sentence of 30 years in prison, a fine of $1 million or twice the gross gain or loss from the offense. There is also mandatory restitution.

-By Alexandra Scaggs, Dow Jones Newswires; 212-416-2673; alexandra.scaggs@dowjones.com