Bowery Savings Bank

Infobox_nrhp | name =Bowery Savings Bank
nrhp_type =


caption = Early headquarters
location= 130 Bowery, Manhattan
lat_degrees = 40 | lat_minutes = 43 | lat_seconds = 7.49 | lat_direction = N
long_degrees = 73 | long_minutes = 59 | long_seconds = 43.84 | long_direction = W
area =
built =1893
architect= McKim, Mead, and White; Frederick MacMonnies
architecture= Other
added = April 23, 1980
governing_body = Private
refnum=80002672 cite web|url=http://www.nr.nps.gov/|title=National Register Information System|date=2007-01-23|work=National Register of Historic Places|publisher=National Park Service] The Bowery Savings Bank of New York City was chartered in May of 1834 and was changed in November 1985 to The State Bowery Savings Bank.

Buildings

The first headquarters at 130 Bowery and Grand was designed by Stanford White, from the firm of McKim, Mead, and White, and built in 1893. This building is listed on the National Register of Historic Places.

The 1923 headquarters is at 110 East 42nd Street and was designed by York and Sawyer. The ground floor is a Cipriani restaurant and run as an upscale event hall.

History

Opened in 1834 on the Bowery in NYC. By 1980 it had over 35 branches located in manhattan, Brooklyn, Queens, Nassau and Suffolk counties. When bank deregulation was enacted it started to suffer losses with the rising saving account interest rates. By 1982 it was running out of cash like many other banks. In 1985 the FDIC arranged for it to be sold to Richard Ravitch and others. It was sold for $100 million and allowed to maintain a capital deficit of $220 million rather than pay out on the $5 billion in deposits. In 1992 it was sold to H.F. Ahmanson for $200 million. The name was changed by 1993 to Home Savings of America. In 1995 H.F.Ahmanson sold their New York operations to Greenpoint Savings Bank. By 2004 Greenpoint sold to North Fork Bank. In 2007 North Fork sold to Capital One Bank.

Timeline

*1834 05/01/1834 NYS Chartered Bowery Savings Bank (5/1834-10/1985)
*1920 10/22/1920 Acquire by merger "Universal Savings Bank"
*1949 02/14/1949 Acquire by merger "North River Savings Bank"
*1980 02/11/1980 Acquire by merger "Equitable Savings & Loan Association"
*1985 10/01/1985 Merge to "The State Bowery Savings Bank"
*1992 04/20/1992 Name change to "Home Savings of America", Bowery Division, SSB
*1992 09/01/1992 Convert "Federal Home Savings of America", Bowery Division, FSB

References

External links

* [http://www.emporis.com/en/wm/bu/?id=114244 Bowery Savings Bank Building] at Emporis Buildings