In February 1999, the bank initiated a plan of reorganization as a wholly owned subsidiary of Hudson City Bancorp, Inc. The company issued stock for the first time, raising over US$500 million of new capital. Assets exceeded $8 billion by then. On July 13, 1999, Hudson City Bancorp, Inc., was formally recognized by the United States Federal Reserve as the bank holding company for the savings bank. Ronald E. Hermance, Jr., retained his position as president and also was promoted from COO to CEO of the new holding company.