Dollar Dry Dock Savings Bank

Dollar Dry Dock Savings Bank was a savings bank that operated in New York City from 1983 until it suffered from bank failure in 1992.

Dollar Dry Dock Savings Bank
IndustryBanking
FateBank failure; acquired by Emigrant Savings Bank
Founded1983 (1983)
Defunct1992 (1992)
HeadquartersNew York City
Total assets$3.7 billion (1992)
Dry-Dock Savings Institution, Bowery, Corner of 3d Street

History

The bank was formed in 1983 by the merger of Dollar Savings Bank of New York and Dry Dock Savings Bank, which both dated back to the 1800s.[1][2]

At the time of the merger, Dollar Savings Bank had 13 branches and Dry Dock had 30 branches. In order to raise cash, 6 branches were sold to Manufacturers Hanover Trust.

In 1985, the bank offered depositors an interest rate of 9.59% on money market accounts, one of the highest rates in the New York metropolitan area.[3]

In 1986, the bank became privately held.

In 1989, a branch was sold to First Fidelity. In 1990, 2 branches were sold to Chase Manhattan Bank.[4]

On February 21, 1992, the bank and its 21 branches were seized by the New York State Banking Department with the Federal Deposit Insurance Corporation named as receiver. Emigrant Savings Bank bought 20 of the branches and the Flushing branch was purchased by Apple Bank for Savings.[1][2] At that time, the bank had $3.7 billion in assets.[5] The real estate division was sold to the president of the company.[6]

References
  1. "Institution History for DOLLAR DRY DOCK BANK (26103)". Federal Financial Institutions Examination Council. Archived from the original on January 8, 2018.
  2. QUINT, MICHAEL (February 22, 1992). "Dollar Dry Dock Bank Shut". The New York Times.
  3. BENNETT, ROBERT A. (January 17, 1985). "BOWERY HIGHEST-PAYING BANK". The New York Times.
  4. QUINT, MICHAEL (October 4, 1990). "Chase Buying 2 Units Of Dollar Dry Dock". The New York Times.
  5. TAHMINCIOGLU, EVE (February 21, 1992). "Dollar Dry Dock Bank placed in receivership". United Press International.
  6. "Company's Acting President Buys Dollar Dry Dock Realty". Hartford Courant. April 30, 1992.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.