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8-K - FORM 8-K - HUDSON CITY BANCORP INC | y88620e8vk.htm |
EX-99.1 - EX-99.1 - HUDSON CITY BANCORP INC | y88620exv99w1.htm |
Exhibit 99.2
RELEASE 8:00 AM December 17, 2010
CONTACT:
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Susan Munhall, Investor Relations | |
Hudson City Bancorp, Inc. | ||
West 80 Century Road, Paramus, New Jersey 07652 | ||
TELEPHONE:
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(201) 967-8290 | |
E-MAIL:
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smunhall@hcsbnj.com |
HUDSON CITY BANCORP, INC. ANNOUNCES WITHDRAWAL OF
HUDSON CITY SAVINGS BANK APPLICATION
TO BECOME A NATIONAL BANK
HUDSON CITY SAVINGS BANK APPLICATION
TO BECOME A NATIONAL BANK
REAFFIRMS COMMITMENT TO THRIFT MODEL
Paramus, New Jersey, December 17, 2010 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 OCCs 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.