Dime Savings Bank of New York

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

Not to be confused with Dime Savings Bank of Williamsburgh.
Dime Bancorp, Inc.
Dime Savings Bank of New York
NYSE: DME
IndustryBank holding company
FateAcquired by Washington Mutual and rebranded all of its locations to Washington Mutual banks
SuccessorWashington Mutual, JPMorgan Chase
Founded1859 (1859)
DefunctJanuary 8, 2002 (2002-01-08)
HeadquartersBrooklyn
ProductsFinancial services
Websitearchived official website

The bank was formerly headquartered at 9 DeKalb Avenue, built in 1906-08 in Downtown Brooklyn. Dime was acquired by Washington Mutual in 2002, which subsequently failed in 2008.

History

In July 1994, Dime Bancorp announced the pending acquisition of the Hewlett, New York-based Anchor Bancorp with its Anchor Savings Bank, FSB subsidiary for $1.2 billion in stock.[1][2] The acquisition was completed in January 1995.[3] The merger resulted in a newly combined company with 76 branches in New York, 18 in New Jersey and 5 in Florida.

In September 1999, Hudson United Bancorp and Dime Bancorp announced a merger of equals that was worth $2 billion in stock.[4] But before the merger could be implemented, North Fork Bancorporation initiated a hostile takeover attempt of Dime in March 2000.[5] Since Dime was preoccupied with defending itself against North Fork, Dime and Hudson United decided to terminate their merger agreement in April.[6][7] North Fork finally gave up in September 2000 after spending several months filling lawsuits against Dime and defending itself against counter lawsuits that were filed by Dime.[8]

In June 2001, Washington Mutual announced the pending acquisition of Dime Bancorp for $5.2 billion in cash and stock.[9][10] The acquisition was completed in January 2002.[11] Dime had 123 branch offices in the New York City area in the states of New York and New Jersey.[12] Dime was acquired by Washington Mutual in 2002, which subsequently failed in 2008. Dime was included in the assets that were sold to JPMorgan Chase by the Federal Deposit Insurance Corporation after Washington Mutual was seized and placed in receivership.

Headquarters
Main article: 9 DeKalb Avenue § Design

The bank's headquarters at 9 DeKalb Avenue were built in 1906-08 and were designed by Mowbray and Uffinger. It was significantly enlarged by Halsey, McCormack and Helmer in 1931-32. The headquarters is a New York City designated landmark.[13] In December 2015, developers Michael Stern and Joe Chetrit closed on a $90 million purchase of the Dime Savings Bank headquarters. They planned to incorporate the structure into 9 DeKalb Avenue, planned as be the tallest building in Brooklyn.[14][15]

References

Notes

  1. "Getting together: Dime Bancorp Inc. and Anchor Bancorp..." Chicago Tribune. July 6, 1994.
  2. Hansell, Saul (July 7, 1994). "Dime and Anchor Plan a Merger To Form No. 4 U.S. Savings Bank". The New York Times.
  3. "Dime Bancorp And Anchor Bancorp Complete Merger". Business Wire (Press release). January 13, 1995 – via The Free Library.
  4. Gosselin, Kenneth R. (September 16, 1999). "Hudson United, Dime Bancorp To Merge". Hartford Courant.
  5. Johnston, David Cay (March 6, 2000). "Long Island Holding Company Makes Offer for Dime Bancorp". The New York Times.
  6. "Dime-Hudson United Terminate Merger Agreement". PR Newswire (Press release). April 28, 2000.
  7. "Dime/Hudson merger off: Banks cancel $1.5 billion stock deal in wake of North Fork hostile bid". CNN. April 28, 2000.
  8. Tharp, Paul (September 29, 2000). "North Fork Drops Hostile Dime Bid". New York Post.
  9. "Dime Bancorp Bought by Nation's Largest S.& L." The New York Times. June 26, 2001.
  10. "Giant thrift to acquire Dime Bancorp". Chicago Tribune. June 26, 2001.
  11. "Business Briefs: WaMu wraps up purchase of N.Y.-based Dime Bancorp". Seattle Times. January 8, 2002. p. F2. Washington Mutual completed its $5.2 billion cash and stock purchase of Dime Bancorp, giving the largest U.S. savings and loan an entry into the New York market. By purchasing Dime, Seattle-based Washington Mutual gains more than 120 branches in New York and New Jersey.
  12. "Leading Thrift to Buy Northeast's Dime Bancorp: Financial services: Washington Mutual agrees to acquire New York company for $5.3 billion in stock, cash". Los Angeles Times. June 25, 2001. Dime had $14 billion of deposits in New York and New Jersey at the end of last year.
  13. White, Norval; Willensky, Elliot & Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. ISBN 978-0-19538-386-7. p.588
  14. Geiger, Daniel (December 23, 2015). "Developers close deal that allows Brooklyn's tallest tower". Crains New York. Retrieved February 18, 2016.
  15. "73-Story Tower Would Be Brooklyn's Tallest by Far". The New York Times. 2016-02-17. ISSN 0362-4331. Retrieved 2018-05-09.
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