Bowery Savings Bank

The Bowery Savings Bank opened in 1834 at the site of what is now 128-130 Bowery in Manhattan.

From 1930 to 1976, Bowery Savings was the largest savings bank in the USA, based on total deposits. By 1980, it had over 35 branches located in the boroughs of Manhattan, Brooklyn, and Queens, as well as Nassau and Suffolk counties on Long Island. When bank deregulation was enacted, the bank began to suffer losses as a result of rising savings account interest rates. By 1982, the bank was running out of cash; in 1985, the Federal Deposit Insurance Corporation (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 1992 to Home Savings of America. In 1995, Ahmanson sold their New York operations to Greenpoint Savings Bank. By 2004, Greenpoint had been sold to North Fork Bank, and 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.

Timeline

May 1, 1834 – New York State chartered the Bowery Savings Bank (May 1834–Oct 1985)

October 22, 1920 – Universal Savings Bank acquired by merger

February 14, 1949 – North River Savings Bank acquired by merger

February 11, 1980 – Equitable Savings & Loan Association acquired by merger

October 1, 1985 – Merge with The State Bowery Savings Bank