Hudson City Bancorp, one of the US’s
top 25 banks with a market capitalisation of over $6.7bn, has
applied to convert from a savings bank to a national bank, to “stay
ahead” of regulatory changes.

The bank’s application to the Office of the
Comptroller of the Currency (OCC) to convert to a national bank
would make the OCC the bank’s main regulator if accepted.

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The move is in light of regulatory proposals
that would dissolve the Office of Thrift Supervision, the bank’s
current regulator.

The bank said it did not plan to change its
business model.

The largest thrift institution in the US posted
net profits of $527.2m for fiscal 2009, up 18% from $445.5m a year
earlier.

Total deposits grew by 33% during fiscal 2009
to $24.6bn.

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The cost-income ratio of 20.8% at the end of
the fourth quarter, was at a “consistent low” according to the
bank.