On March 27, 1868 Hudson City became the birthplace of its most famous namesake, the new Hudson City Savings Bank, when it received a special charter from the State of New Jersey Legislature to open in what was then the small City of Hudson, New Jersey. Hudson's mayor Garrett D. Van Reipen became the first President of the small bank, which was located on Newark Avenue. By the end of the 19th Century, Hudson City Savings Bank had accumulated assets and deposits of over US$1 million. In the 1920s, the savings bank opened its second branch, and moved from Newark Avenue to 587 Summit Avenue in Jersey City, and later moved its headquarters to Bergen County.