Greenwich Savings Bank

Greenwich Savings Bank was an American savings bank based in New York City that operated from 1833 to 1981. At the time of its closure in 1981, it was the 16th largest bank in the U.S. by total deposits.cite news |author=Robert A. Bennett |title=GREENWICH ACQUISITION CONCLUDED |work=The New York Times |date=November 5 1981 |pages=D1]

History

Greenwich Savings Bank was chartered in 1833 in New York City. At its height, it had branches in New York City, Nassau County and Suffolk County with US$2.1 billion in assets. By the time of bank deregulation in 1980, it started having big losses. In 1981, the FDIC and the New York State Banking Department sought buyers for the bank. In October 1981, there was a meeting about possible buyers, when a participant left their information on the meeting table. This information was given to the "New York Times" which printed the story.cite news |author=Robert A. Bennett |title=U.S. IS SAID TO SEEK BANK MERGER TO SAVE GREENWICH SAVINGS |work=The New York Times |date=October 29 1981 |pages=A1] As a result, there was a run on the bank, causing in three days a total of US$500 million in withdrawals.Source needed|date=July 2008 At the end of the third day, the bank was closed and it was acquired Metropolitan Savings Bank (now a part of HSBC Bank USA) along with Brooklyn Savings Bank. [NYS Banking Dept.] Nonspecific|date=July 2008

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