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Hudson City Bancorp avoids mortgage meltdown

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News - Financial News

Written by Hugh McManus

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A small regional bank, Hudson City Bancorp [NASDAQ:HCBK], has distinguished itself by avoiding the mortgage meltdown.  Small is a relative adjective.  Since many of the majors have floundered badly with their problems reflected in the stock price, Hudson City, with a market cap just under $10 billion, is now larger than mortgage mammoth Washington Mutual [NYSE:WM]!  The 125-branch bank avoided many of the problems that its larger competitors face by eschewing the subprime market.   Location helps too.  As a regional bank focused in the New York metropolitan area, the company avoided exposure to problem states like Nevada, Florida or California.  While most banks have plummeted in value over the last twelve months, the stock price of Hudson City has risen almost 40%. < Prev   Next >