Hudson City Bancorp, Inc. Completes its Acquisition of Sound Federal Bancorp, Inc.
biz.yahoo.com
Friday July 14, 5:15 pm ET
PARAMUS, N.J., July 14 /PRNewswire-FirstCall/ -- Hudson City Bancorp, Inc. (the "Company") (Nasdaq: HCBK), the parent company for Hudson City Savings Bank (the "Bank"), announced today that its acquisition of Sound Federal Bancorp, Inc. ("Sound"), the parent company for Sound Federal Savings ("Sound Federal"), has been completed. In accordance with the Agreement and Plan of Merger, dated February 8, 2006, the Company acquired Sound and, through a series of transactions, merged Sound Federal with and into the Bank.
Sound Federal, with over $1 billion in assets and deposits, was founded in 1891 and operated 14 branches in New York's Westchester, Rockland, and Putnam Counties as well as Fairfield County, Connecticut. This acquisition represents Hudson City's initial entry into the high-income suburban counties served by Sound Federal and further enhances the already attractive demographics of Hudson City's footprint. Following the acquisition, Hudson City now has branches in seven of the top 50 counties in the United States as ranked by estimated 2005 median household income and Hudson City ranks as the 4th-largest thrift in the United States with more than $32 billion in assets and 109 retail branches in New Jersey, New York, and Connecticut.
The Company purchased Sound for $20.75 per share in cash, representing an aggregate transaction value of approximately $265 million. The Bank will operate the branches of Sound Federal under the name "Sound Federal, a Division of Hudson City Savings Bank" beginning on Saturday, July 15, 2006. Registered stockholders of Sound will receive materials from Mellon Investor Services LLC, the paying agent for the transaction, within the next ten business days instructing them on how to exchange their shares for the merger consideration |
