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After spending much of the past year at a mediocre three-star rank, enough top-performing CAPS members have turned bullish on Hudson City Bancorp (Nasdaq: HCBK) recently to upgrade it to a more formidable four stars. A total of 511 members have given their opinion on the financial firm, with many of them offering analysis and commentary explaining the recent optimism.

Not all banks are evil. While some like SunTrust (NYSE: STI) and Fifth Third Bancorp (Nasdaq: FITB) are now paying for their too-healthy appetites for risk, banks like Hudson City and New York Community Bancorp (NYSE: NYB) are performing quite well during the recession. Hudson City reported a 10.8% rise in third-quarter earnings to reach record quarterly profit, while deposits increased by an annualized growth rate of 26%. 

The bank is a conservative lender that shied away from risky lending during the subprime feeding frenzy, and its patience is now paying off.

While banks like Bank of America (NYSE: BAC) and Citigroup (NYSE: C) scrambled for TARP moneylast year, Hudson City took no part in the cash grab. The largest savings bank in the U.S. increased its deposit market share in 96% of its branch locations between June 2008 and June 2009, and it has continued to pay a growing dividend.

It hasn't been completely sheltered, though; its nonperforming loans did grow during the third quarter. But at 1.66% of total loans, that figure sits in a much better position compared with larger bankslike Bank of America or Wells Fargo (NYSE: WFC). Hudson City's shares haven't rallied like many other stocks this year, and many CAPS members think there's a lot of potential in the bank.

Do you think Hudson City Bancorp deserves its elevated status? Add your thoughts in the comments box below on this page, or head over to CAPS to rate the companyand check out all the information and opinions the community offers, absolutely free.

This article was originally published as A Big Upgrade for Hudson City Bancorpon Fool.com

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