As employees of Lehman Brothers emptied out their desks, as big banks crumbled and Wall Street threatened to bring down Main Street, there was a little bank that quietly moved forward and watched its status rise.
Looking over the most recent ranking of banks and savings and loans, Ron Hermance, president and CEO of Hudson City Bank, pointed out his bank's status. With the demise of Wachovia and Washington Mutual, Hudson City is moving up the list.
Looking over the most recent ranking of banks and savings and loans, Ron Hermance, president and CEO of Hudson City Bank, pointed out his bank's status. With the demise of Wachovia and Washington Mutual, Hudson City is moving up the list.
A New Philosophy
More than just a river separates Hudson City Bank from the big boys of Wall Street. There's a difference in philosophy too.
"First of all, you have to operate with two fundamental strengths," he explained.
"It goes back to Vince Lombardi football. We do two things well: block and tackle. ... We underwrite every loan, and our operating efficiency is very low."
Hudson City has been around for 140 years. It operates 125 branches in New York, New Jersey and Connecticut. The secret to success? A small-town feel and playing it safe. It does only two things -- take in deposits and make mortgages.
Read on.
Hudson City has been around for 140 years. It operates 125 branches in New York, New Jersey and Connecticut. The secret to success? A small-town feel and playing it safe. It does only two things -- take in deposits and make mortgages.
Read on.
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