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November 25, 2015 7:50 PM ET


Company Overview of Hudson City Savings Bank, FSB

Company Overview

Hudson City Savings Bank, FSB provides banking products and services to customers in New Jersey, New York, and Connecticut. The company offers deposits that include checking and savings accounts, retirement accounts, and certificates of deposit; mortgages that comprise adjustable and fixed rate mortgages, and low/moderate income mortgages. It also provides consumer loans that consist of home equity loans, home equity line of credit, and home improvement loans; and online banking services. Hudson City Savings Bank, FSB was formerly known as Hudson City Savings Bank and changed its name to Hudson City Savings Bank, FSB in January 2004. The company was founded in 1868 and is headquartered in Pa...

West 80 Century Road

Paramus, NJ 07652

United States

Founded in 1868





Key Executives for Hudson City Savings Bank, FSB

Chairman of The Board, Chief Executive Officer, Chairman of The Board of Hudson City Bancorp Inc and Chief Executive Officer of Hudson City Bancorp, Inc
Age: 62
President, Chief Operating Officer, Director, President of Hudson City Bancorp Inc, Chief Operating Officer of Hudson City Bancorp Inc and Director of of Hudson City Bancorp Inc
Age: 55
Executive Vice President and Chief Financial Officer
Age: 67
Senior Vice President
Age: 65
Senior Vice President
Age: 60
Compensation as of Fiscal Year 2015.

Hudson City Savings Bank, FSB Key Developments

Hudson City Savings Bank Enters into Settlement Agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau

Hudson City Bancorp Inc., the holding company for Hudson City Savings Bank (the Bank), announced that the Bank has entered into a settlement agreement with the U.S. Department of Justice and the Consumer Financial Protection Bureau related to certain alleged violations of the Fair Housing Act and Equal Credit Opportunity Act. The settlement was the result of investigations by the DOJ and CFPB into Hudson City's lending practices in majority-Black and Hispanic areas in its footprint mostly outside of New Jersey during the years 2009 through 2013. The DOJ and CFPB asserted that the Bank failed to originate enough loans in these areas when compared to a group of other market participants using statistical analysis of market data. Although Hudson City disagrees with the statistical analysis of loans relied upon by the DOJ and CFPB as the principal basis for its claims as well as the agencies' conclusions from their investigations, the bank has agreed to offer $25 million in subsidies to support home lending in minority areas and to implement a number of outreach and educational programs to residents of these communities. In the bank's view, the agreement will help supplement the bank's strong record of serving the needs of all communities within its geographic reach in a fair and honest manner for over 150 years. Indeed, due to its unique structure as a portfolio lender thrift institution and its origination product limitations, Hudson City historically relied heavily on purchases of loans from other originators to minority borrowers in the very census tracts that form the basis of the allegations, and kept such loans on its balance sheet in order to fulfill its Community Reinvestment Act and fair lending responsibilities. In the bank's view, providing additional liquidity to originators active in these areas through loan purchases is critical to meeting the credit needs of these communities. The bank decided to settle this matter, which includes payment of a $5.5 million civil penalty, to avoid litigation with these agencies so that it can focus on continuing to provide fair credit services to its customers and working to complete its pending merger with M&T Bank Corporation. If the merger is approved by the Board of Governors of the Federal Reserve and the New York State Department of Financial Services, the combined company will provide a wider array of banking products and services across a broad geographic footprint with greater minority populations. As required under its merger agreement with M&T, the company provided the agreement to M&T for review and received M&T's consent prior to entering into the agreement.

Hudson City Bancorp, Inc. and Hudson City Savings Bank Announce Executive Changes

Hudson City Bancorp, Inc. announced that Anthony J. Fabiano has been appointed President and Chief Operating Officer of the company and its wholly-owned subsidiary, Hudson City Savings Bank (the 'Bank'). Mr. Fabiano most recently served as Executive Vice President, Finance and Administration of the company and the Bank. Mr. Fabiano succeeds Denis J. Salamone who was recently appointed Chief Executive Officer and Chairman of the Board of the company and the Bank. Mr. Fabiano was also elected a director of both the company and the Bank Board of Directors, effective immediately. Mr. Fabiano joined Hudson City with the acquisition of Sound Federal Bancorp in 2006 where he served as Senior Vice President and Chief Financial Officer. He immediately assumed a leadership role at Hudson City and became a proven member of senior management's inner circle.

Hudson City Bancorp, Inc. and Hudson City Savings Bank Appoints Denis J. Salamone as Chairman of the Board

Hudson City Bancorp, Inc. announced that Denis J. Salamone was appointed to serve as the Chairman of the Board of Directors of the company and its subsidiary, Hudson City Savings Bank, effective immediately. Mr. Salamone succeeds Ronald E. Hermance, Jr. who passed away on September 11, 2014. The company previously announced that Mr. Salamone was appointed to succeed Mr. Hermance as Chief Executive Officer of the company and the Bank.

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