The Bank for Savings in the City of New York (1819–1982) was one of the earliest banks in the United States and the first savings bank in New York City. Founded in 1816, it was first advertised as "a bank for the poor". It was merged with the Buffalo Savings Bank in 1982.[1] It failed in 1991 and is no longer in existence.[2]
The Bank for Savings in the City of New-York was the fourth bank to be opened in the United States and the first savings bank in Manhattan.[3] It was founded in 1816, although it was not incorporated by the New York State Legislature until March 16, 1819.[4] First publicly advertised as "A BANK FOR THE POOR", it was modeled after similar institutions in Europe; its stated purpose was to "effect a secure place of deposit for the earnings of the laboring part of the community: and at the same time to give them the benefit of an accumulation of interest". " One of the bank's founders, Thomas Eddy, explained the charitable impetus behind the entity's formation: "Among the many philanthropic institutions with which your country abounds, there is none that appears to me more likely to be useful than Savings Banks. They are certainly most admirably calculated to be beneficial to the poor, by promoting among them a spirit of independence, economy and industry."[5]
The bank's first location was at Chambers Street. The site became famous as the venue where the first Egyptian mummy was displayed in the United States in 1824.[1] The bank moved to Bleecker Street on April 10, 1856, and became familiarly known as the Bleecker Street Savings Bank.[3][6][7]
During the Civil War, the bank was reputed to be a bellwether of the nation's prosperity. It held more than $11 million and boasted the largest number of working-class depositors in New York state.[8] Following a fire that badly damaged the building, the bank moved on August 15, 1894, from Bleecker to 280 Fourth Avenue at 22nd Street .[7] A large white marble Romanesque structure was designed by Cyrus L. W. Eidlitz.[9] Later headquarters were located on Park Avenue South.
It merged with the Buffalo Savings Bank in 1982 and its name was subsequently changed to Goldome.[12][13] It failed in 1991, along with a number of other banks, and is no longer in existence.[2]
References
^ abJenkins, Stephen (1911). The Greatest Street in the World: The Story of Broadway, Old and New, from the Bowling Green to Albany. New York: Putnam. p. 48.
^ abComoletti, Jill. "The Beautiful, Ornate Bank Buildings Of Old New York". Business Insider. Retrieved March 20, 2018.
^ abc"MERRITT TRIMBLE, BANKER, IS DEAD, Was President of the Bank for Savings and a Noted Financier". New York: New York Herald. February 13, 1903.
^Jaremski, Matthew & Plastaras, Brady (2015). "An In-depth Analysis of New England Mutual Savings Banks, 1870–1914". Economics Faculty Working Papers. Paper 44.
^Emerson W. Keyes (1876). A History of Savings Banks in the United States from their Inception in 1816 down to 1874. With discussions of their theory, practical workings and incidents, present condition and prospective development. Bradford Rhodes. p. 309.
^"The Lost Bleecker Street Savings Bank - 67 Bleecker Street". Daytonian in Manhattan. July 3, 2017.
^ abc"Big Crowd, Few Police". New York: New York Herald. November 6, 1895.
^"Laboring Classes". New York: Long Island Farmer. May 31, 1864.
^"BUILDING ON FOURTH AVENUE, Marked Change in the Thoroughfare's Character, The New Bank for Savings and Other Features of the Movement". New York: The Herald. February 12, 1894.
^Knowles, Charles (1936). History of the Bank for Savings in the City of New York.[full citation needed]
^"Personal". New York: Buffalo Daily Courier. June 16, 1874.
^US Bank Locations. "The New York Bank for Savings". Retrieved March 20, 2018.
^"Bank Remnants". Forgotten New York. Retrieved March 20, 2018.
March 04, 2023
bank, savings, city, york, bank, savings, city, york, 1819, 1982, earliest, banks, united, states, first, savings, bank, york, city, founded, 1816, first, advertised, bank, poor, merged, with, buffalo, savings, bank, 1982, failed, 1991, longer, existence, cont. The Bank for Savings in the City of New York 1819 1982 was one of the earliest banks in the United States and the first savings bank in New York City Founded in 1816 it was first advertised as a bank for the poor It was merged with the Buffalo Savings Bank in 1982 1 It failed in 1991 and is no longer in existence 2 Contents 1 History 2 Notable directors 3 Demise 4 ReferencesHistory EditThe Bank for Savings in the City of New York was the fourth bank to be opened in the United States and the first savings bank in Manhattan 3 It was founded in 1816 although it was not incorporated by the New York State Legislature until March 16 1819 4 First publicly advertised as A BANK FOR THE POOR it was modeled after similar institutions in Europe its stated purpose was to effect a secure place of deposit for the earnings of the laboring part of the community and at the same time to give them the benefit of an accumulation of interest One of the bank s founders Thomas Eddy explained the charitable impetus behind the entity s formation Among the many philanthropic institutions with which your country abounds there is none that appears to me more likely to be useful than Savings Banks They are certainly most admirably calculated to be beneficial to the poor by promoting among them a spirit of independence economy and industry 5 The bank s first location was at Chambers Street The site became famous as the venue where the first Egyptian mummy was displayed in the United States in 1824 1 The bank moved to Bleecker Street on April 10 1856 and became familiarly known as the Bleecker Street Savings Bank 3 6 7 During the Civil War the bank was reputed to be a bellwether of the nation s prosperity It held more than 11 million and boasted the largest number of working class depositors in New York state 8 Following a fire that badly damaged the building the bank moved on August 15 1894 from Bleecker to 280 Fourth Avenue at 22nd Street 7 A large white marble Romanesque structure was designed by Cyrus L W Eidlitz 9 Later headquarters were located on Park Avenue South Notable directors EditAmong its founders and first directors were Thomas Eddy William Bayard Jr DeWitt Clinton Archibald Gracie Cadwallader D Colden John Pintard Matthew Clarkson Peter Augustus Jay and Brockholst Livingston Although many credit Eddy with founding the institution Bayard served as the bank s first president 10 3 Other famous directors included Frederic James de Peyster a prominent soldier and philanthropist 11 and politician Hamilton Fish who stepped down from the board when he became U S Secretary of State 7 Demise EditIt merged with the Buffalo Savings Bank in 1982 and its name was subsequently changed to Goldome 12 13 It failed in 1991 along with a number of other banks and is no longer in existence 2 References Edit a b Jenkins Stephen 1911 The Greatest Street in the World The Story of Broadway Old and New from the Bowling Green to Albany New York Putnam p 48 a b Comoletti Jill The Beautiful Ornate Bank Buildings Of Old New York Business Insider Retrieved March 20 2018 a b c MERRITT TRIMBLE BANKER IS DEAD Was President of the Bank for Savings and a Noted Financier New York New York Herald February 13 1903 Jaremski Matthew amp Plastaras Brady 2015 An In depth Analysis of New England Mutual Savings Banks 1870 1914 Economics Faculty Working Papers Paper 44 Emerson W Keyes 1876 A History of Savings Banks in the United States from their Inception in 1816 down to 1874 With discussions of their theory practical workings and incidents present condition and prospective development Bradford Rhodes p 309 The Lost Bleecker Street Savings Bank 67 Bleecker Street Daytonian in Manhattan July 3 2017 a b c Big Crowd Few Police New York New York Herald November 6 1895 Laboring Classes New York Long Island Farmer May 31 1864 BUILDING ON FOURTH AVENUE Marked Change in the Thoroughfare s Character The New Bank for Savings and Other Features of the Movement New York The Herald February 12 1894 Knowles Charles 1936 History of the Bank for Savings in the City of New York full citation needed Personal New York Buffalo Daily Courier June 16 1874 US Bank Locations The New York Bank for Savings Retrieved March 20 2018 Bank Remnants Forgotten New York Retrieved March 20 2018 Retrieved from https en wikipedia org w index php title The Bank for Savings in the City of New York amp oldid 1096332352, wikipedia, wiki, book, books, library,
