Local bank serving
NJ, NY and CT.
W. 80 Century Road
Paramus, NJ 07652
CEO: Ronald Hermance
Stock Symbol: HCBK
Hudson City Bancorp is the holding company
for Hudson City Savings Bank, the largest savings bank headquartered
in New Jersey.
The bank has over $51 billion in assets and serves customers throughout the surrounding NY metropolitan area with 135 branches located in Westchester, Fairfield, Putnam, and Rockland counties, as well as in Long Island, Staten Island, and the New Jersey suburbs of Philadelphia.
Hudson City Savings Bank is among the top 25 banks and the largest thrift in the country.
For 2010, the company reported revenues of $2.94 billion and net income of $537.2 million.
Three years after the end of the Civil
War on March 27, 1868, the State of New Jersey Legislature granted
a special charter to 29 individuals to open a savings bank in
the small City of Hudson. Garrett D. Van Reipen, who had served
as the city's first mayor, became the first President of Hudson
City Savings Bank.
Within a few years, the City of Hudson
merged with two cities to create today's Jersey City. Suddenly,
Hudson City Savings Bank was serving the State's second largest
city! By the end of the 19th Century, New Jersey boasted a population
of more than 1 million, and Hudson City's assets and deposits
had grown to over $1 million.
As Hudson City's assets passed the $2 million
mark by the middle of the decade, Americans saw congress declare
war on Germany in 1917. Hudson City participated in the wartime
Liberty Loan and Victory Loan drives, selling its allotment of
bonds, as well as purchasing a half million dollars of bonds.
In the summer of 1921, Jersey City made
history when it hosted the Dempsey/Carpentier World Heavyweight
Championship Fight. It was the largest crowd to date to watch
a sporting event and the first to be broadcast on radio. During
the decade, Hudson City opened its second office, introduced
the Christmas Club to depositors, and moved its main office from
Newark Avenue to 587 Summit Avenue in Jersey City.
The Stock Market crashed in 1929, and the
Great Depression of the Thirties saw insolvent banks close. Throughout
it all Hudson City Savings remained open -- sound as ever --
with total assets exceeding $11 million and reserves of $800,000.
Between 1941 and 1945, World War II gripped
the nation and 15 million men registered for military service.
Curtis-Wright's aircraft engine factory in Woodridge, N.J. produced
more engines during the War than any other American manufacturer.
Hudson City Savings Bank sold millions of dollars in U.S. War
Bonds in support of the war effort. By the end of the decade
the Bank had three Jersey City offices and more than $26 million
During the decade of the Fifties, the "baby-boom"
generation was born. New Jersey grew twice as fast as the rest
of the nation, adding 1.2 million residents. From January 1918
to his death in August 1950, Robert J. Rendall enjoyed one of
the longest tenures as Bank President. In 1959, Hudson City made
over $25 million in VA and FHA mortgage loans and had assets
in excess of $50 million. By the late Sixties, the computer was
beginning to revolutionize American society and new State banking
laws permitted banks to move across county lines. In 1969, Hudson
City opened its first Bergen County branch in Waldwick. This
was the Bank's fifth office, and total assets had reached $175
Under the leadership of Kenneth L. Birchby,
who became President and CEO in 1968, the Bank expanded aggressively
during the 1970's with 37 branches established in 12 New Jersey
counties. In 1978, Bank headquarters were relocated to Bergen
County, occupying a new crescent-shaped building designed by
a local Jersey City architectural firm. Total assets and deposits
both exceeded $1.1 billion.
The Eighties and early Nineties proved
troublesome for the banking industry in general. For savings
and thrifts, double digit inflation and record high interest
rates had a severe adverse effect on the industry. While many
banks faltered during these times, Hudson City continued to enjoy
a position of strength and stability. Leonard S. Gudelski became
President in 1981 and Chairman of the Board in 1996. Under his
leadership, the Bank continued on its path of growth and expansion.
By the beginning of 1990, Hudson City had 69 branches and total
assets of $3.2 billion.
The Nineties brought about dramatic changes
to the New Jersey banking industry. Some of the State's largest
banks became part of interstate banking giants. As others disappeared,
Hudson City held its course. We continued to grow, maintaining
independence, and gaining strength. In 1992, Hudson City established
itself as New Jersey's largest savings bank and MONEY magazine
cited us as one of the safest New Jersey banks. In 1995, MONEY
named Hudson City "Best Bank In New Jersey." In 1997,
Ronald E. Hermance, Jr. was named President of Hudson City Savings
Bank, only the 11th person to be named to that position in the
129 year history of the Bank, and today is President, Chairman
of the Board, and CEO.
On July 2005, Hudson City raised $3.9 billion
in new capital and went public on Nasdaq market.
The company aquired Sound Federal Savings
Bank in 2006.
Employee Stock Ownership
Profit Incentive Bonus
Updated August 1, 2011