Hudson City Bancorp, Inc. , based in Paramus, in the state of New Jersey, USA, is the parent company of the bank for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of one of the oldest banks in the United States, with assets worth US $ 50 billion. This is now a wholly public entity and is an S & amp; P 500 stock market. In 2005, the common stock offering of $ 3.93 billion was the largest in US banking history. At that time, it was also the seventh largest domestic public offering in US history. Banks avoided the excesses of the housing boom and were labeled the "best bank of 2007" by Forbes. M & amp; T Bank agrees to acquire Hudson City on August 27, 2012.
The company is located on West 80 Century Road, in Paramus, New Jersey.
Video Hudson City Bancorp
Bank Tabungan Hudson City
On March 27, 1868, the Hudson City Savings Bank received a charter from the New Jersey Legislature to open in the small town of Hudson, New Jersey. Garrett D. Van Reipen, the city's first mayor, became the first president of the small bank.
In 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, banks had accumulated assets and deposits in excess of $ 1 million. In January 1918, Robert J. Rendall became president of a savings bank, and by his death in 1950 he had become one of the longest presidents in the company's history.
In the 1920s, Hudson City Savings Bank opened its second branch office, and moved from its old headquarters on Newark Avenue, to 587 Summit Avenue in Jersey City. The company survived after the stock market crash of 1929 when many other banks were closed. At the end of the Great Depression of the 1930s, he has amassed assets worth US $ 11 million and saved US $ 800,000 in reserves. By the late 1940s, savings banks had opened at least three branches of Jersey City, with over US $ 26 million in assets.
In August 1950, President Robert J. Rendall died. During the 1950s, the growth rate of New Jersey was twice the national average, increasing the growth of savings banks as well: in 1959, Hudson City Savings Bank has raised over US $ 50 million in assets. In 1968, Kenneth L. Birchby became president and CEO of the bank. In the late 1960s, New Jersey banking laws made it legal for banks to operate throughout the county. In 1969, the bank opened its fifth branch, and its first branch crossed the county line at Waldwick, in Bergen County, New Jersey. The total assets of the bank at that time had reached US $ 175 million.
During the long secular bear market and economic downturn in the 1970s the bank grew to 37 branches in 12 New Jersey districts. In 1978, the headquarters moved to neighboring country, Bergen County, New Jersey. At that time, banks have accumulated total assets and deposits of more than US $ 1.1 billion respectively. In 1981, Leonard S. Gudelski became president. The bank survived the problem of double-digit inflation and interest rates, and also survived the recession of the early 1980s following and then the crisis of Savings and Loans of the 1980s when many other banks and savings and loans failed.
In 1988, Ronald E. Hermance, Jr. hired at Hudson City Savings as Senior Executive Vice President and Chief Operating Officer. He was previously Chief Financial Officer of Southold Savings Bank in Long Island, New York. By the end of 1989, Hudson City Savings Bank had 69 branches and total assets of US $ 3.2 billion. In 1992, after 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 until that year.
In January 1997, Ronald E. Hermance, Jr. was promoted to replace Gudelski as the 11th president of the bank. Gudelski remained as chairman. On January 1, 2011, there were 136 branches, nine in Fairfield County, Connecticut, 29 in New York State, and 98 in New Jersey including Bergen, Passaic, Morris, Warren, Essex, Hudson, Union, Somerset, Middlesex, Mercer, Monmouth , Ocean, Burlington, Camden, Atlantic, and the county of Gloucester.
Maps Hudson City Bancorp
Hudson City Bancorp
In February 1999, the bank embarked on a reorganization plan as a wholly owned subsidiary of Hudson City Bancorp, Inc. The company issued its shares for the first time, raising more than US $ 500 million in new capital. Assets exceeded $ 8 billion at the time. On July 13, 1999, Hudson City Bancorp, Inc., officially recognized by the US Federal Reserve as the holding company bank for a savings bank. Ronald E. Hermance, Jr., retained his position as president and also promoted from COO to CEO of a new holding company.
On January 1, 2004, the company was changed from the parent company of the bank to another Domestic Agency as categorized by the Federal Reserve System, which is defined generally as a domestic institution engaged in the banking business in the United States. The move is in preparation for its big share offer, the company's second step to exchange shares. On January 1, 2005, Ronald Hermance, Jr., replaced Gudelski as chairman, and retained the existing position as president and CEO. In 2004, he also began serving on the board of directors of the Federal Home Loan Bank of New York.
On June 8, 2005, the company made the largest public offering of shares in the history of the US banking industry, represented by Thacher Proffitt. Conversion of the corporate structure together makes Hudson City Bancorp a fully publicly owned entity. In a public offering, 393 million shares sold for $ 10.00 per share. The company also divides the existing stock of 3,206-for-one. Hudson City Bancorp shares newly traded on NASDAQ with ticker symbol HCBK.
In 2007, Hudson City Savings Bank became the largest savings bank in New Jersey, 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 more than 1,300 employees. On February 14, 2007, the company added to the S & amp; P 500 by Standard & amp; Poor's, where he succeeded the American Power Conversion Corporation
Financial and legal issues
During the subprime mortgage crisis, Hudson City was cited as a good example of management. They continue to require credit scores and advance payments of 10 to 20 percent, and avoid "exotic mortgages" that do not allow income verification and/or no prepayment. Forbes calls the bank the "best managed bank of 2007." Hudson City is the largest American bank that rejects federal bailout money, which unfortunately caused its downfall. Although initially better, other big banks dismantled their bad loans to the government, leaving Hudson City with more debt than their competitors. Although undisturbed by the credit quality of its loans, in 2012 the banks weakened as lower mortgage rates pushed the refinancing wave to lower levels.
Hudson City managed to avoid mortgages and banking crises made with wise loans. However, "the actions taken by the government to rescue the banking system have proven to be the failure of Hudson City." He borrowed 4% in 2005 and managed to avoid a rate hike in 2006 but suffered an unprecedented rate cut by the Fed to save the banking system. His portfolio of previous jumbo loans was not eligible to refinance the appropriate loan, giving the bank a stable long-term asset base. Following the housing crisis, the changed rules increase the compliance limits, allowing high quality jumbo loan loans to refinance to the lower levels available for GSE-purchased mortgages. The old foreclosure process left Hudson City with a large amount of bad credit. The loss of high-quality borrowers, the inability to issue new mortgages at reasonable prices, and troubled loan portfolios encourage banks to accept purchases.
On September 12, 2014, after the death of Ronald Hermance, Hudson City Bancorp appointed Denis J. Salamone as chief executive officer in accordance with the company's succession plan.
In September 2015, the company agreed to a settlement for the practice of mortgage lending that discriminated much of the Black and Latin American environment.
Acquisition M & amp;
On August 27, 2012, Hudson City Bancorp agreed to purchase by Buffalo, Bank M & amp; T based in New York for $ 3.7 billion. M & amp; T is to get $ 25 billion in deposits and $ 28 billion in loans, along with 135 branch locations, 97 of which are located in New Jersey. After that, Hudson City Bancorp becomes a better buyer of all specified pools. Purchases are pending for more than three years due to concerns by the Federal Reserve Board about anti-money laundering compliance M &
The Federal Reserve finally approved the acquisition in September 2015, and on November 1, 2015, Hudson City Bancorp became a subsidiary of M & T. In 1,129 days, it is by far the longest bank merger in history. Since November 1, Hudson City has operated as a subsidiary of M & T. M & amp; T plans to integrate and change the branch location completely on February 16th.
References
External links
- Hudson City Savings Bank
Source of the article : Wikipedia
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