Bowery Savings Bank
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The Bowery Savings Bank was a bank in
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, chartered in May 1834. By 1980, it had over 35 branches in the
New York metropolitan area The New York metropolitan area, also commonly referred to as the Tri-State area, is the largest metropolitan area in the world by urban area, urban landmass, at , and one of the list of most populous metropolitan areas, most populous urban agg ...
. In 1992, it was sold to H. F. Ahmanson & Co. for $200 million. The bank's first branch at 130 Bowery was replaced twice; the current building on the site, designed by
Stanford White Stanford White (November 9, 1853 – June 25, 1906) was an American architect. He was also a partner in the architectural firm McKim, Mead & White, one of the most significant Beaux-Arts firms. He designed many houses for the rich, in addition ...
and completed in 1895, is now an upscale venue. The bank decided to move its headquarters in 1920, and a new building was constructed from 1921 to 1923 at 110 East 42nd Street in
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
. Both of these buildings are
New York City designated landmark The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and cu ...
s.


History

The Bowery Savings Bank opened in 1834 at the site of what is now 128-130
Bowery The Bowery () is a street and neighborhood in Lower Manhattan in New York City. The street runs from Chatham Square at Park Row, Worth Street, and Mott Street in the south to Cooper Square at 4th Street in the north.Jackson, Kenneth L. "B ...
in
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
. By 1980, it had over 35 branches located in the
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of Manhattan,
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, and
Queens Queens is a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...
, as well as
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and Suffolk counties on
Long Island Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...
. 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 The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...
(FDIC) arranged for the bank to be sold to
Richard Ravitch Richard Ravitch (born July 7, 1933) is an American politician and businessman who served as Lieutenant Governor of New York from 2009 to 2010. He was appointed to the position in July 2009 by New York Governor David Paterson. A native of New Yo ...
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 Greenpoint may refer to: * Greenpoint, Brooklyn, United States * Greenspoint, Houston, United States * Greenpoint Avenue * Greenpoint Avenue Bridge The Greenpoint Avenue Bridge is a drawbridge that carries Greenpoint Avenue across Newtown Cr ...
. By 2004, Greenpoint had been sold to
North Fork Bank North Fork Bank was an American bank that operated from 1950 until 2008 when it became Capital One Bank (after the name of its new parent). In November 2007, it had 365 branches in the New York metropolitan area. History North Fork early histor ...
, and in 2007, North Fork was sold to Capital One Bank. From 1972 to 1992, baseball Hall-of-Famer
Joe DiMaggio Joseph Paul DiMaggio (November 25, 1914 – March 8, 1999), nicknamed "Joltin' Joe", "The Yankee Clipper" and "Joe D.", was an American baseball center fielder who played his entire 13-year career in Major League Baseball for the New York Yank ...
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 *April 20, 1992 – Name changed to Home Savings of America, Bowery Division, a state savings bank *September 1, 1992 – Converted to Federal Home Savings of America, Bowery Division, a Federal savings bank


Buildings


130 Bowery

The bank's headquarters at 128–130
Bowery The Bowery () is a street and neighborhood in Lower Manhattan in New York City. The street runs from Chatham Square at Park Row, Worth Street, and Mott Street in the south to Cooper Square at 4th Street in the north.Jackson, Kenneth L. "B ...
between Broome and
Grand Grand may refer to: People with the name * Grand (surname) * Grand L. Bush (born 1955), American actor * Grand Mixer DXT, American turntablist * Grand Puba (born 1966), American rapper Places * Grand, Oklahoma * Grand, Vosges, village and c ...
Streets was designed by
Stanford White Stanford White (November 9, 1853 – June 25, 1906) was an American architect. He was also a partner in the architectural firm McKim, Mead & White, one of the most significant Beaux-Arts firms. He designed many houses for the rich, in addition ...
of the architecture firm of McKim, Mead & White, and built in 1893–95.NYCLPC, pp. 46–47 The "L"-shaped building continues from Bowery through to Elizabeth Street, and has a second entrance facade at 228 Grand Street. White's choice of a Roman classical style for the building, a first, set a trend for bank buildings, first in New York, and then across the United States. The exterior features
Corinthian columns The Corinthian order (Greek: Κορινθιακός ρυθμός, Latin: ''Ordo Corinthius'') is the last developed of the three principal classical orders of Ancient Greek architecture and Roman architecture. The other two are the Doric order ...
and sculpted pediments by
Frederic MacMonnies Frederick William MacMonnies (September 28, 1863 – March 22, 1937) was the best known expatriate American sculptor of the Beaux-Arts school, as successful and lauded in France as he was in the United States. He was also a highly accomplishe ...
, while the interior gives the impression of a Roman temple, and is said to be one of the great spaces in New York.White & Willensky with Leadon, p.93 It features the extensive use of marble, in the teller's counters — which are made of yellow Siena marble — the walls, and the
mosaic A mosaic is a pattern or image made of small regular or irregular pieces of colored stone, glass or ceramic, held in place by plaster/mortar, and covering a surface. Mosaics are often used as floor and wall decoration, and were particularly pop ...
floors. In addition, White employed ''faux'' marble
scagliola Scagliola (from the Italian ''scaglia'', meaning "chips") is a type of fine plaster used in architecture and sculpture. The same term identifies the technique for producing columns, sculptures, and other architectural elements that resemble inla ...
columns, coffered ceilings and stairs and skylights made of
cast iron Cast iron is a class of iron–carbon alloys with a carbon content more than 2%. Its usefulness derives from its relatively low melting temperature. The alloy constituents affect its color when fractured: white cast iron has carbide impuriti ...
. The exterior of the original building was designated by the
New York City Landmarks Preservation Commission The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and cu ...
as an official city landmark in 1966, and the interior was given the same designation in 1994. It was added to the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic v ...
in 1980. It is currently "Capitale", restaurant, night club and
event space In probability theory, a probability space or a probability triple (\Omega, \mathcal, P) is a mathematical construct that provides a formal model of a random process or "experiment". For example, one can define a probability space which models t ...
which is popular as a wedding site. In 2012, the connected building at 124 Bowery, designed by
York & Sawyer York and Sawyer was an American architectural firm active between 1898 and 1949. The firms' work is exemplary of Beaux-Arts architecture as it was practiced in the United States. The partners Edward York (July 23, 1863– December 30, 1928) and ...
and completed in 1902, was also designated a landmark.


110 East 42nd Street

The bank decided to move its headquarters in 1920, and a new building was constructed from 1921 to 1923 at 110 East 42nd Street between
Park A park is an area of natural, semi-natural or planted space set aside for human enjoyment and recreation or for the protection of wildlife or natural habitats. Urban parks are urban green space, green spaces set aside for recreation inside t ...
and Lexington Avenues across from
Grand Central Terminal Grand Central Terminal (GCT; also referred to as Grand Central Station or simply as Grand Central) is a commuter rail terminal located at 42nd Street and Park Avenue in Midtown Manhattan, New York City. Grand Central is the southern terminus ...
in
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
. It was designed by
York and Sawyer York and Sawyer was an American architectural firm active between 1898 and 1949. The firms' work is exemplary of Beaux-Arts architecture as it was practiced in the United States. The partners Edward York (July 23, 1863– December 30, 1928) and ...
in Italian Romanesque Revival style, with William Louis Ayres as the partner in charge.NYCLPC, p.107 The huge interior, which measures 65 feet high, 80 feet wide and 197 1/2 feet long, utilizes marble, limestone, sandstone and bronze screens to create a space reminiscent of a
basilica In Ancient Roman architecture, a basilica is a large public building with multiple functions, typically built alongside the town's forum. The basilica was in the Latin West equivalent to a stoa in the Greek East. The building gave its name ...
. It has been called "one of the great spaces of New York."White & Willensky with Leadon, p.314 A six-story addition to the east, which came to be called "The Chapel", was built in 1931–33. The building was designated a New York City landmark in 1996. The ground floor is now a
Cipriani Cipriani S.A. is an Italian hotel and leisure company domiciled in Luxembourg that owns and operates luxury restaurants and clubs around the world including Harry's Bar in Venice and formerly the Rainbow Room in New York City. It specialises i ...
restaurant and upscale event space.


Archives

In April 2019, workers cleaning out a basement in Brooklyn discovered century-old records of the Bowery Savings Bank. Archivists moved rapidly to secure at least some of these records. While the historical value was not immediately known, a historian told ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' they could “be priceless”. In the 1920s,
Henry Miller Henry Valentine Miller (December 26, 1891 – June 7, 1980) was an American novelist. He broke with existing literary forms and developed a new type of semi-autobiographical novel that blended character study, social criticism, philosophical ref ...
wrote a short text about the architecture of this bank, in a short text he called ''mezzotint'' and whose title was ''A Bowery Phoenix''.


References

Notes Bibliography * *


External links


Bowery Savings Bank Building
at
Emporis Buildings Emporis GmbH was a real estate data mining company that was headquartered in Hamburg, Germany. The company collected data and photographs of buildings worldwide, which were published in an online database from 2000 to September 2022. On 12 Sept ...

Photographs and architectural sketches of the Bowery Savings Bank Building

The miracle of mutual savings, as illustrated by one hundred years of the Bowery savings bank
Orcutt, William Dana (1870-1953) ''The miracle of mutual savings, as illustrated by one hundred years of the Bowery savings bank'' (New York, The Bowery Savings Bank, 1934) {{Authority control Defunct banks of the United States Banks established in 1834 1834 establishments in New York (state) Banks disestablished in 1992 American companies disestablished in 1992 American companies established in 1834