Hudson City Bank - the past, evaluation and assessment

Document Sample
Hudson City Bank - the past, evaluation and assessment Powered By Docstoc
					Hudson City Bank - the past, evaluation and assessment

Hudson City Bank, with headquarters in New jersey and assets going above $60 billion around March
2010, got their come from 1868. The small final savings bank was launched by 29 those that were
granted a charter as such shortly after that Civil War had ended. Hudson's primary mayor, Garrett
Debbie. Van Reipen was the initial President of Hudson Area Savings Bank.

Within the first few years for the opening of your Savings Bank, Hudson in addition to two other cities
combined, creating precisely what is known today as Nj. Rather rapidly, Hudson City Bank was providing
banking services to your 2nd largest city inside state. The area became tremendously and for the turn of
your century, Hudson had a population associated with over one million and their build up and assets
topped $1 million.

In 1917 when war was declared concerning Germany, the bank had grown more and assets have been
over $2 , 000, 000. The bank had been a participant with the Liberty Loan together with Victory Loan
drives, selling and purchasing bonds. In your 1920s, the bank moved their main branch from the Newark
Avenue location to 587 Peak Avenue in Shirt City, opened a further location and commenced a
Christmas tavern.

In 1929, as soon as Stock Market crashed and also the Great Depression began with the 1930s, many
banks experienced bankruptcy and additionally were closed. Then again, Hudson City Bank don't suffer.
Not simply did they stay on open, but their assets were above $11 million and they also had reserves of
$800, 000. Environment War II, the next major conflict was between 1941 in addition to 1945. The
lender sold U. S. War Bonds and by way of the end of your 1940s, Hudson Town had three workplaces in
Jersey Area and over $26 thousand thousand in assets.

Around 1959, the bank made above $25 million by providing FHA and VA home loans to consumers.
Ahead of 1960s the State banking laws prohibited banks from choosing in other counties, but they
changed do your best and Hudson City opened their to begin with branch in Bergen Local in Waldwick.
This is just the commencing. In the 1970s, the lending company opened 37 twigs in 12 areas. In 1978, as
soon as bank moved your headquarters to Bergen State their total build up and assets ended up over $1.
1 million.
The 1980s in addition to 1990s were problematic for some banks. The education represent high interest
costs and inflation proved too much for some and plenty of failed. Hudson City Bank once again
prevailed. A new President for any bank in 1981, Leonard Lenses. Gudelski, provided the leadership
needed along with the bank grew. At the beginning of 1990, the lending company was 69 twigs strong
and investments totaled $3. 2 billion.

Hudson City Traditional bank has weathered many storms and from now on is considered among the list
of country's top twenty-five banks. In 2005, they became a fully public company and trades on the
NASDAQ National Market in the "HCBK" symbol. The bank has more than 130 branches around
Rockland, Putnam, Westchester and Fairfield counties together with branches in Much time Island and

Shared By:
Tags: Hudson, City, Bank
Description: Get to know about Hudson City Bank - the past, evaluation and assessment