Hudson City Bancorp is a Delaware corporation organized in 1999 and serves
as the holding company of its only subsidiary, Hudson City Savings Bank. Hudson
City Bancorp’s executive offices are located at West 80 Century Road,
Paramus, New Jersey 07652 and our telephone number is (201) 967-1900.
We are a community- and consumer-oriented retail savings bank offering traditional
deposit products, residential real estate mortgage loans and consumer loans.
In addition, we purchase mortgages, mortgage-backed securities, securities issued
by the U.S. government and government-sponsored agencies and other investments
permitted by applicable laws and regulations. We retain in our portfolio substantially
all of the loans we originate. Historically, we did not originate commercial
mortgage loans or multi-family mortgage loans. However, these loan products
were offered by Sound Federal and, as a result, we have continued to offer these
products after the Acquisition.
We conduct our operations out of our corporate offices in Paramus in Bergen
County, New Jersey and through 111 branches in the New York metropolitan area.
We operate 88 branches located in 16 counties throughout the State of New Jersey.
In New York State, we operate eight branch offices in Westchester County, five
branch offices in Suffolk County, one branch office each in Putnam and Rockland
Counties and four branch offices in Richmond County (Staten Island). We also
operate four branch offices in Fairfield County, Connecticut. Branch offices
in these areas give us operations in nine of the top 50 counties in the United
States ranked by median household income. Operating in high median household
income counties fits well with our jumbo mortgage loan and consumer deposit
business model. We plan to open approximately ten branch locations in 2007 in
these market areas, while continually evaluating new locations in areas that
present the greatest opportunity to promote our deposit and mortgage products.
Our current market areas provide distinct differences in demographics and economic
characteristics. The northern New Jersey market represents the greatest concentration
of population, deposits and income in New Jersey. The combination of these counties
represents more than half of the entire New Jersey population and more than
half of New Jersey households. The northern New Jersey market also represents
the greatest concentration of Hudson City Savings retail operations –
both lending and deposit gathering – and based on its high level of economic
activity, we believe that the northern New Jersey market provides significant
opportunities for future growth.
Competition
We face intense competition both in making loans and attracting deposits in
the market areas we serve. New Jersey and the New York metropolitan area have
a high concentration of financial institutions, many of which are branches of
large money center and regional banks. Some of these competitors have greater
resources than we do and may offer services that we do not provide such as trust
services or investment services. Customers who seek “one stop shopping”
may be drawn to these institutions.
Our competition for loans comes principally from commercial banks, savings institutions,
mortgage banking firms, credit unions, finance companies, insurance companies
and brokerage and investment banking firms. Our most direct competition for
deposits comes from commercial banks, savings banks, savings and loan associations
and credit unions. We face additional competition for deposits from short-term
money market funds and other corporate and government securities funds and from
brokerage firms and insurance companies.
%
4.61% 
