Hudson City Gets OTS OK on M&A Deal

The Office of Thrift Supervision has approved Hudson City Bancorp's purchase of Sound Federal Bancorp, Mamaroneck, N.Y. The transaction is expected to be completed on July 14. In February, the Paramus, N.J.-based Hudson City agreed to acquire Sound Federal for $20.75 per share in cash, or $265 million. Hudson City ranks 53rd nationwide among residential lenders, according to the Quarterly Data Report, an affiliate of MortgageWire. Sound Federal, founded in 1891, has 14 branches in New York and Connecticut with assets totaling $1.15 billion. After the acquisition, Hudson City will have more than $29 billion in assets and 104 branches in New Jersey, New York, and Connecticut.