"Hudson City Bancorp (NASDAQ: HCBK) is a fortress of safety with plenty of upside potential," says value investor Nathan Slaughter.
In his Half-Priced Stocks, he explains, "The 140-year old bank is a classic example of the tortoise and hare fable. Its slower, measured approach has paid off handsomely and keptit at arms length from the problems plaguing other banks."
"Hudson City manages a network of 130 bank branches spread throughout affluent regions of New Jersey, New York and Connecticut. At last count, the firm had over $20 billion in deposits and approximately $56 billion in total assets.
"According to an independent study, this tight-knit institution has been rated one of the nation's three strictest mortgage underwriters. So when most other banks relaxed their standards in recent years to attract riskier clientele, Hudson City stuck to its conservative roots and refused to budge.
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