Bank for Savings in the City of New-York Founding and Growth

The Bank for Savings in the City of New-York was founded in 1819 by John Thompson, a merchant and banker.

Its primary goal was to provide a safe and stable place for people to deposit their savings, which was a major concern at the time due to the lack of trust in traditional banks.

The bank was located on Wall Street, a hub for financial activity in New York City.

In its early years, the bank focused on serving the needs of the local community, offering a range of services including deposits, loans, and currency exchange.

The Bank for Savings in the City of New-York has a rich history that spans over a century. In 1816, the first savings bank in the United States was established, paving the way for the Bank for Savings to follow suit.

The Bank for Savings was formed in 1864, with its first office located on Broadway. This marked a significant milestone in the city's financial landscape, providing a safe and secure place for people to save their money.

The bank's growth was steady, with the addition of new branches and offices. In 1894, the bank opened a new office on Fourth Avenue, which was a major development in the area's character. The bank continued to expand, and by the early 20th century, it had become a prominent institution in the city.

Here are some key dates in the Bank for Savings' history:

The Bank for Savings in the City of New-York was founded in 1816, making it the fourth bank to be opened in the United States and the first savings bank in Manhattan.

It was initially modeled after similar institutions in Europe, with a stated purpose of providing a secure place for the laboring community to deposit their earnings and accumulate interest.

Thomas Eddy, one of the bank's founders, believed that savings banks were a key to promoting independence, economy, and industry among the poor.

The bank's first location was at Chambers Street, which later became famous for hosting the first Egyptian mummy display in the United States in 1824.

The bank moved to Bleecker Street on April 10, 1856, and became known as the Bleecker Street Savings Bank.

Explore further: Bank of United States

The Bank for Savings acquired the New York Savings Bank in August 1963, becoming the New York Bank for Savings. This merger allowed the combined bank to open more branches.

The merger was approved by the FDIC, and the new bank was allowed to have 10 branches, a significant increase from the typical 5 branches allowed for savings banks in New York.

The New York Bank for Savings was able to open its tenth branch in 1966, marking a major milestone in the bank's expansion.

The merger also created the fourth largest savings bank in the city, despite some initial opposition from the Justice Unit.

Here's a brief timeline of the merger: