Hudson City Savings Bank Overview: Hudson City Savings Bank is headquartered in Paramus, NJ and has branches in New Jersey, New York and Connecticut. In 2005, Hudson City Savings Bank completed its conversion from a mutual savings bank to a stockholder-owned institution. Hudson City Savings Bank focuses entirely on lending to individuals in these areas:
- Home mortgage loans
- Home equity loans
Size: Hudson City Savings Bank reports these figures as of December 31, 2008:
- Branches = 125
- Employees = 1,300
- Assets = $51 billion
Positives: Hudson City Savings Bank reported record profits in 2008, $445.6 million. This was an increase of 50.6% over the results for 2007.
Forbes magazine has named Hudson City Savings Bank the best managed bank in America in both 2007 and 2008. The Wall Street Journal ranked Hudson City among the companies with the best shareholder performance in 2007. Forbes also has named Hudson City Savings Bank CEO Ronald Hermance as one of the top 10 CEOs in the U.S., based on shareholder returns relative to his compensation. Jim Cramer named Hermance banker of the year for 2007 on his Mad Money program. Hudson City also regularly ranks high in surveys of the most efficiently-run banks.
Negatives: While Hudson City Savings Bank is the largest savings bank in the U.S. by market capitalization, and among the top 50 banks in assets, it nonetheless operates in a limited geographic area and has small staffing requirements relative to its major national competitors.
