HCBK: Hudson City Bancorp

Hudson City Bancorp is bank that should be owned. The company's CEO is concerned with only two things: depositors and shareholders. Hudson City Bancorp has an old fashion business model. It takes deposits; it lends to good, hard-working people who then pay the loans back. It stays away from subprime, In fact, the bank holds fewer nonperforming loans than the rest of the banks -- even Wells Fargo. They do a thorough job of lending to people that they're sure will be able to pay their loans back. Plus, unlike there competitors, they don't nickel-and-dime there customers by charging them exorbitant fees for things like overdrafts. They're more concerned with the bigger picture. Hudson City Bancorp operates as the holding company for Hudson City Savings Bank, which provides various retail banking services in the states of New Jersey, New York, and Connecticut. The bank offers various deposit accounts, including passbook and statement savings accounts, NOW accounts, checking accounts, money market accounts, and time deposits, as well as IRA accounts and qualified retirement plans. Its loan portfolio primarily consists of one- to four-family residential first mortgage loans, multi-family and commercial mortgage loans, and construction loans, as well as consumer loans, such as fixed-rate second mortgage loans, home equity credit line loans, collateralized passbook loans, overdraft protection loans, automobile loans, unsecured personal loans, and secured and unsecured commercial lines of credit. As of December 31, 2006, the bank operated through 111 branches in the New York metropolitan area, including 88 branches located in 16 counties in the state of New Jersey; 8 branch offices in Westchester County, 5 branch offices in Suffolk County, 1 branch office each in Putnam and Rockland Counties, and 4 branch offices in Richmond County located in New York state; and 4 branch offices in Fairfield County, Connecticut.