Hudson City Bancorp
 |
|
| Subsidiary | |
| Traded as |
NASDAQ: HCBK S&P 500 Component |
| Fate | Acquired |
| Successor | M&T Bank |
| Founded | March 27, 1868 |
| Defunct | November 1, 2015 |
| Headquarters | Paramus, New Jersey, U.S., United States |
|
Number of locations
|
135 |
|
Area served
|
New Jersey, New York, Connecticut |
| Services | Bank holding company |
| Website | www |
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 The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes.M&T Bank agreed to acquire Hudson City on August 27, 2012.
The company was located at West 80 Century Road, in Paramus, New Jersey.
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. .
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. 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.
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 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. By the end of the 1940s, the savings bank had opened a total of three Jersey City branches, with over US$26 million in assets.
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. 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.
...
Wikipedia