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The Company serves as the holding company of its only subsidiary, Hudson City Savings Bank.
Contemplating HCBK, I feel sad. HCBK is getting crowded out of their bread and butter Jumbo loan market by Fannie Mae and Freddie Mac. Government support of housing market is now weakening one of the few healthy banks to survive the housing debacle of 2006 on its own.
This year is not going to be great, but I think that sometime next year business will improve and when it does it will improve quickly. HCBK is a solid institution and may look pretty good to a larger bank looking to expand into the New Jersey, New York, SE Penn market. Unless I find something I really want to buy I will probably wait till late in the year to make a decision. If I sell if will most likely be to shield profits I took on other stocks.
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