(King1893NYC) pg783 DRY-DOCK SAVINGS INSTITUTION, 341 AND 343 BOWERY, CORNER OF 3D STREET

Dollar Dry Dock Savings Bank was a

savings bank A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providi ...

that operated 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 ...

from 1983 until it suffered from

bank failure A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its asset ...

in 1992.

History

The bank was formed in 1983 by the merger of Dollar Savings Bank of New York and Dry Dock Savings Bank, which both dated back to the 1800s. At the time of the merger, Dollar Savings Bank had 13 branches and Dry Dock had 30 branches. In order to raise cash, 6 branches were sold to

Manufacturers Hanover Trust Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufa ...

. In 1985, the bank offered depositors an interest rate of 9.59% on

money market account A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. The interest rates paid are generally higher than those of savings accounts and tra ...

s, one of the highest rates 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 1986, the bank became privately held. In 1989, a branch was sold to First Fidelity. In 1990, 2 branches were sold to

Chase Manhattan Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fina ...

. On February 21, 1992, the bank and its 21

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

were seized by the

New York State Banking Department The New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent. The New York State Banking Department was the oldest bank regulatory agency in the United States ...

with 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 cred ...

named as receiver.

Emigrant Savings 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, with assets of $8.1 billion. As of June ...

bought 20 of the branches and the Flushing branch was purchased by

Apple Bank Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area. History The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a community-bas ...

. At that time, the bank had $3.7 billion in assets. The real estate division was sold to the president of the company.

References

{{Reflist, 1 Defunct banks of the United States Banks established in 1983 Banks disestablished in 1992 Defunct companies based in New York (state) American companies established in 1983 American companies disestablished in 1992