SOURCE: Hudson City Bancorp, Inc.

January 11, 2007 10:31 ET

Forbes Magazine Names Hudson City One of America's Best Big Companies

PARAMUS, NJ -- (MARKET WIRE) -- January 11, 2007 -- Hudson City Bancorp, Inc. (NASDAQ: HCBK), the largest savings bank headquartered in New Jersey and the third largest thrift in the United States, was named to Forbes Platinum 400 list of the "best of the biggest publicly traded companies in America." The companies were selected "after a thorough review of financial metrics, Wall Street forecasts, corporate governance ratings and other public information."

Hudson City's total assets have grown from $11.4 billion (December 2001) to over $33 billion (September 2006); its deposits per branch ($116 million as of September 2006) dwarf the national average of FDIC-insured institutions ($68 million); and its market share in New Jersey continues its upward trajectory. According to a recent news report, "FDIC data showed Hudson City Savings Bank was among the biggest local market share gainers."

According to Ronald E. Hermance, Jr., Hudson City's Chairman, President and Chief Executive Officer, "We have worked very hard to develop, and execute, a unique business model. We are proud and humbled to be one of only eighteen banks recognized among America's 400 Best Big Companies." Of the eighteen banks named to the Platinum 400 list, Hudson City yielded the best investment performance with an average 5-year total return of 30.7% per year.

According to Forbes, "The universe of Platinum contenders included both American and foreign corporations that have a significant presence in the U.S. We assigned companies into 26 industries and ranked them against their industry peers on five-year and 12-month sales and earnings growth and total return to shareholders. Our ranking system also included consensus forecasts for long-term earnings growth and debt to capital ratios." Furthermore, the judges weeded out companies that "may have scored high by our core methodology, but may have potential problems." For that, Forbes turned to Audit Integrity, an independent research and rating service that evaluates the risks associated with accounting and governance practices.

Hudson City Savings Bank, among the top fifty banks in the United States by asset size, is recognized as The Most Efficient Bank in the country. This enables Hudson City to deliver significant values to customers in the form of higher deposit yields, competitive mortgage rates, lower fees, and a straightforward, streamlined loan process. Hudson City, the largest savings bank headquartered in New Jersey, also serves customers throughout the surrounding metropolitan area with branches located in Westchester, Fairfield, Putnam, and Rockland counties, as well as in Long Island, Staten Island, and the New Jersey suburbs of Philadelphia. Deposit accounts at Hudson City are FDIC insured to the maximum allowed by law.

This release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology. Forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hudson City Bancorp and statements that are subject to various factors which could cause actual results to differ materially from these estimates. Any or all of the forward-looking statements in this release and in any other public statements made by Hudson City may turn out to be wrong. They can be affected by inaccurate assumptions Hudson City might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Hudson City does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

Contact Information

  • Contact:
    Susan Munhall
    Investor Relations
    Hudson City Bancorp, Inc.
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