Hudson City Bancorp Inc. withdrew its application to convert to a national commercial bank under the regulation of the Office of the Comptroller of the Currency, or OCC, and will remain a federal savings bank, the Paramus, N.J., company said today.
As a federal savings bank, Hudson is regulated by the Office of Thrift Supervision, which will be merged into the OCC under the Dodd Frank financial reform law.
Hudson City, which has 135 branches, including five in South Jersey, decided that under the new law it makes sense to keep the savings bank charter.
The bank also said it learned recently that as a savings bank it will have the same group of regulators at the OCC as would have had as a national commercial bank.
As of June 30, Hudson City had $977 million in deposits in its Burlington, Camden and Gloucester County branches. - Harold Brubaker