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Hudson Myers
Hudson Myers

Hudson City Savings Bank [HOT]



Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history [1] The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes.[2] M&T Bank agreed to acquire Hudson City on August 27, 2012.[3][4][5]




hudson city savings bank



On March 27, 1868, the Hudson City Savings Bank received a charter from the New Jersey Legislature to open in what was then the small Hudson City, New Jersey. Garrett D. Van Reipen, the city's first mayor, became the first president of the small bank.[7]


By the early 1870s, the city of Hudson was annexed by Jersey City, New Jersey, the second-largest city in the state. By the end of the 19th century, the bank had accumulated assets and deposits of over $1 million.[7] In January 1918, Robert J. Rendall became the savings bank's president, and by his death in 1950 he had become one of the longest serving presidents in the company's history.[7]


In the 1920s, Hudson City Savings Bank opened its second branch office, and moved from the old headquarters on Newark Avenue, to 587 Summit Avenue in Jersey City. The company survived the aftermath of the stock market crash of 1929 when many other banks closed. By the end of the Great Depression of the 1930s, it had accumulated US$11 million in assets and held US$800,000 in reserves.[7] By the end of the 1940s, the savings bank had opened at least three Jersey City branches, with over US$26 million in assets.[7]


In August 1950, President Robert J. Rendall died. During the 1950s, New Jersey's growth rate was double the national average, boosting the savings bank's growth as well: by 1959, Hudson City Savings Bank had accumulated over US$50 million in assets.[7] In 1968, Kenneth L. Birchby became president and CEO of the bank. By the late 1960s, New Jersey's banking laws made it legal for banks to operate across county lines. In 1969, the bank opened its fifth branch, and its first branch across the county line at Waldwick, in Bergen County, New Jersey. The bank's total assets by then had reached US$175 million.[7]


During the long secular bear market and economic malaise of the 1970s the bank grew to 37 branches in 12 New Jersey counties. In 1978, the headquarters moved to neighboring Bergen County, New Jersey. By that time, the bank had accumulated total assets and deposits of over US$1.1 billion each.[7] In 1981, Leonard S. Gudelski became president. The bank survived the troubles surrounding double-digit inflation and interest rates, and also survived the following early 1980s recession and the later 1980s Savings and Loan crisis when many other banks and savings and loans failed.[7]


In 1988, Ronald E. Hermance, Jr. was hired at Hudson City Savings as senior executive vice president and chief operating officer. He had previously been chief financial officer of Southold Savings Bank on Long Island, New York.[8] By the end of 1989, Hudson City Savings Bank had 69 branches and total assets of US$3.2 billion.[7] In 1992, following the 1990-1991 recession, the bank became the largest savings bank in New Jersey. In 1996, Leonard S. Gudelski was elected chairman, and also retained his position as president through that year.[7]


In February 1999, the bank initiated a plan of reorganization as a wholly owned subsidiary of Hudson City Bancorp, Inc. The company issued stock for the first time, raising over US$500 million of new capital. Assets exceeded $8 billion by then.[7] On July 13, 1999, Hudson City Bancorp, Inc., was formally recognized by the United States Federal Reserve as the bank holding company for the savings bank.[6] Ronald E. Hermance, Jr., retained his position as president and also was promoted from COO to CEO of the new holding company.[8]


By 2007, Hudson City Savings Bank had become the largest New Jersey based savings bank, and the third largest savings and loan association in the United States, with over US$35 billion in assets, over 100 branches in New Jersey, New York and Connecticut, and with over 1,300 employees.[7] On February 14, 2007, the company was added to the S&P 500 Index by Standard & Poor's, where it replaced American Power Conversion Corporation[7]


New checks and ATM cards have already been delivered to former Hudson City Savings Bank customers and all accounts and balances have been conveniently transferred for them to M&T Bank. For specific information about the transfer of any accounts to M&T Bank, customers can call 1-800-414-9435 or visit www.mtb.com/hudsoncity. There are no immediate changes to the hours of operation at any of the former Hudson City branches.


Hudson City Savings Bank took its name from the community of Hudson City, the independent Hudson County municipality (1855-1870}. Significant to both the bank and the city was the leadership of Garret D. Van Reipen. He was the second mayor of Hudson City and the bank's first president.


Begun as a mutual savings bank, Hudson City Savings was managed by a board of managers. In 1999 it reorganized as a stock savings bank, a wholly-owned subsidiary of Hudson City Bancorp, Inc., listed on the NASDAQ and the largest savings and loan bank in the US.


"M&T will build on Hudson City's loyal customer base to create a comprehensive community banking franchise that provides a full range of checking and savings accounts, debit and credit cards, home equity loans and other lending options, plus small business and commercial banking services and our premier wealth management and corporate trust solutions through Wilmington Trust," said M&T chairman and CEO, Robert G. Wilmers.


Hudson City is a federally chartered savings association with 135 branches and assets of $35.4 billion. The bank has local branches in Fairfield, Stamford, Darien, Bethel, Brookfield, Norwalk, Ridgefield, Monroe and the Cos Cob section of Greenwich. 041b061a72


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