Emigrant Bank

Emigrant Bank (formerly Emigrant Savings Bank) is a private American financial institution, it is the oldest savings bank in New York City and it was the ninth-largest privately owned bank in America in 2012.[1] It is the largest privately-held, family-owned and operated bank in America in 2019.[2] It has several online-only divisions that offer high yield savings accounts, including Emigrant Direct, Dollar Savings Direct and their latest offering, My Savings Direct. Emigrant Bank is a subsidiary of New York Private Bank & Trust Corporation and as of March 31, 2019 its assets were US$5.696 billion.[3]

6 East 43rd Street, Manhattan
Former Emigrant Industrial Savings Bank building, now known as 49 Chambers
Emigrant Savings Bank

History

The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York.[4] The headquarters used to be at 49 Chambers on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.[5]

In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank Emigrant Direct in 2005.

Owners

The Milstein family owns the bank; Howard Milstein is Chairman, President & Chief Executive Officer of Emigrant Bank. In July 2012 the sale of 30 branches to Apple Bank for Savings was announced, two branches were retained in Manhattan and in Westchester County, New York.[6] As of 2019 the bank has five branches located in New York.[3]

References
  1. "The largest privately owned banks in the United States". American Banker. Retrieved 2014-05-19.
  2. "Emigrant Bank Profile". Retrieved July 7, 2019.
  3. "Company Overview of Emigrant Bank". Retrieved July 4, 2019.
  4. "About us". Emigrant Savings Bank. Retrieved 2008-07-26.
  5. "Rich Information from the Emigrant Savings Bank". Retrieved 3 July 2011.
  6. "Quiet bank suddenly makes noise". Crains New York. Retrieved 2012-08-28.
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