Williamsburgh Savings Bank: A Banking Icon's Rise and Restoration

The Williamsburgh Savings Bank, a beloved landmark in Brooklyn, New York, has a rich history that spans over a century. The bank was founded in 1851 by a group of local businessmen who wanted to provide financial services to the community.

Its iconic building, designed by Henry C. Pelton, was completed in 1875 and stood as a testament to the bank's commitment to serving the people of Brooklyn. The building's stunning neoclassical design, with its imposing columns and grand facade, made it a prominent feature of the neighborhood.

The bank's rise to prominence was swift, and by the early 20th century, it had become one of the largest savings banks in the country, with over 1 million depositors. Its success was a direct result of its focus on community banking, providing financial services to the working-class people of Brooklyn.

As the bank continued to grow, it became a beloved institution in the community, earning the nickname "the People's Bank."

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The Williamsburgh Savings Bank was chartered in 1851 with 158 depositors and $15,000 in assets.

The bank relocated to its own building across the street in 1854, and by 1867, it had grown to have 16,000 clients with deposits totaling $5 million.

The bank's growth necessitated a new headquarters, which was constructed from 1870 to 1875 at 175 Broadway.

The bank's assets continued to grow, reaching $212 million by 1928, making it the fourth-largest bank in the U.S.

In 1929, the bank opened a new headquarters at One Hanson Place, near Downtown Brooklyn's transit hub.

The bank retained its original building as a branch and continued to expand, opening a branch at Walt Whitman Mall in Suffolk County, Long Island, in 1976.

Republic National Bank acquired the Williamsburgh Savings Bank in 1986, and it later became part of HSBC Bank USA in 1999.

The building's exterior was declared a New York City landmark in 1966, and the interior followed suit in 1996.

The Williamsburgh Savings Bank was chartered in 1851 with 158 depositors and $15,000 in assets.

It started in the basement of a church at Bedford Avenue and South 3rd Street, but quickly outgrew that space and relocated to its own building across the street in 1854.

The bank retained the old spelling "Williamsburgh" even after the Town of Williamsburgh became the City of Williamsburg in 1852.

By 1867, the bank had 16,000 clients who had deposited a combined $5 million.

To accommodate its rapid growth, the bank constructed its iconic domed headquarters at 175 Broadway from 1870 to 1875.

The bank's assets grew significantly in the aftermath of the American Civil War, and by the 1920s, it had 139,000 depositors and $212 million in assets.

The Bank's history is filled with significant events that shaped its trajectory.

In 1850, the Bank was established with a modest capital of $100,000.

The Bank's early years were marked by steady growth, with the capital increasing to $500,000 by 1860.

A major milestone came in 1880 when the Bank expanded its services to include mortgage loans.

The Bank's commitment to innovation led to the introduction of the first automated teller machine in 1960.

By 1980, the Bank had expanded to 50 branches across the country.

The Williamsburgh Savings Bank's restoration was a massive undertaking that cost $24 million and took three years to complete.

The project was funded by a combination of private and public sources, including state and federal historic tax credits.

The bank's new owner purchased the property in 2010 and undertook the rigorous restoration.

The renovation transformed the building into a vibrant cultural event and exhibition venue, using 100% of the extant structure and all salvageable features.

The Tony Goldman Preservation Award was presented to the Williamsburgh Savings Bank in recognition of its meticulous restoration.

The award was given by the National Trust for Historic Preservation, a competitive and nationwide list of nominated projects.

The bank was designated as a New York City Landmark in 1966 and 1996, and placed on the National Register of Historic Places in 1980.

The Williamsburgh Savings Bank is considered a dominant icon in the neighborhood and a significant architectural landmark.