Hudson City Savings Bank

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Hudson City Savings Bank
340 Main Street
Madison, NJ 07940
Phone: (973) 822-2443
Fax: (973) 377-7390


About Hudson City

Hudson City Savings Bank is among the top twenty-five banks and the largest thrift in the country. Consistently recognized as The Most Efficient Bank in the United States, its success has been acknowledged nationally by such publications as Forbes, The New York Times, BusinessWeek, and American Banker. Hudson City, the largest savings bank headquartered in New Jersey, also serves customers throughout the surrounding metropolitan area with branches located in Fairfield, Westchester, Putnam, and Rockland counties, as well as in Long Island, and the New Jersey suburbs of Philadelphia.

The Bank first went public in 1999, selling 47% of its outstanding stock. During the ensuing seven years, the Bank’s assets grew at a compounded annual growth rate of over 22% without making an acquisition. In fact, Hudson City’s total assets grew from $8.5 billion (December 1999) to over $26 billion (June 30, 2005). In June 2005, Hudson City marked another significant achievement in its 141-year history by raising $3.9 billion in capital upon conversion to full public ownership. At the time, this IPO was the seventh largest domestic equity offering in history and the largest ever by a U.S. bank.

Since the 2005 public offering, the Bank has grown its assets from $22 billion to over $57 billion as of June 30, 2009; its deposits per branch ($164 million as of June 30, 2009) exceed the national average of FDIC-insured institutions ($71 million).

Hudson City ’s unique heritage as a traditional thrift, coupled with its industry-leading efficiency ratio (21% versus an industry average of over 60%), strong credit quality, and conservative credit underwriting policy enables the Bank to provide better value to customers.

In fact, according to a study, Hudson City was rated among the top three lenders, nationwide, for conservative mortgage underwriting standards. The study was conducted by SMR Research Corporation, the nation’s largest publisher of research on consumer finance. The findings are part of The Mortgage Credit Crisis, a 250-page study that utilized six measures of credit risk to evaluate the nation’s largest 163 mortgage lenders.

Hudson City ’s performance has not gone unnoticed by Wall Street. In early 2007, Hudson City joined the ranks of the S&P 500. Since then the Bank was also named to The Forbes Platinum 400 list of “America’s Best Big Companies” and Forbes also selected Hudson City as the Best-Managed Bank of both 2007 and 2008. Ronald E. Hermance, Jr., Chairman, President, and CEO of Hudson City was named Banker of the Year by Jim Cramer’s nationally syndicated Mad Money program on CNBC, and Forbes magazine named Mr. Hermance one of America’s Best Performing Bosses.


Copyright © 2008 Hudson City Savings Bank