| Bowery Savings Bank | |
|---|---|
| U.S. National Register of Historic Places | |
| NYC Landmark | |
 Early headquarters
|
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| Location: | 130 Bowery, Manhattan |
| Coordinates: | 40°43′7.49″N 73°59′43.84″W / 40.7187472°N 73.9955111°W |
| Built/Founded: | 1893 |
| Architect: | McKim, Mead, and White |
| Architectural style(s): | Other |
| Added to NRHP: | April 23, 1980 |
| Designated NYCL: | April 19, 1966 |
| NRHP Reference#: | 80002672 [1] |
The Bowery Savings Bank of New York City was chartered in May 1834 and was changed in November 1985 to The State Bowery Savings Bank.
Contents |
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. It is currently known as Capitale, an upscale event hall and popular wedding site.
The 1923 headquarters is at 110 East 42nd Street and was designed by York and Sawyer. The ground floor is a Cipriani S.A. 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 the bank began to suffer losses as a result of rising saving account interest rates. By 1982 the Bowery was running out of cash; in 1985 the FDIC arranged for the bank 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 & Co 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 had been sold to North Fork Bank. In 2007 North Fork was sold to Capital One Bank.
From 1972 to 1992, baseball hall-of-famer Joe DiMaggio was spokesman for the Bowery Savings Bank.[2]
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
- ^ "National Register Information System". National Register of Historic Places. National Park Service. 2007-01-23. http://www.nr.nps.gov/.
- ^ The American Experience
External links
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