The largest savings bank in the U.S. with $50 billion in assets and branches in nine of the 50 wealthiest counties, measured by median household income, Hudson City Bancorp is tooting its horn these days. The bank’s good news is a welcome respite from Wall Street’s emotional, eyebrow-raising rollercoaster ride. (Enough already, say some in certain banking circles).
What the Hudson folks are boasting about is an increase in deposit market share in 91 percent of its markets. The savings bank increased deposits 56.1 percent in Connecticut, 14 percent in New Jersey and 35.4 percent in New York between June 2007 and June 2008, according to statistics compiled by the FDIC.
Why is Hudson City doing so well when peers are not? Chairman and CEO Ron Hermance, Jr., attributes it to the bank “sticking to its knitting.” More institutions would be wise to take a page from Hermance’s playbook.