FRIDAY, MAY 14, 1999

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by Hudson City, MHC, and Hudson City Bancorp, Inc., both of Paramus, NJ, for Hudson City, MHC to acquire a majority of Hudson City Bancorp Inc.’s common stock and, immediately thereafter, for Hudson City Bancorp, Inc. to acquire 100 percent of the common stock of Hudson City Savings Bank, Paramus, NJ.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.