Emigrant Bank (formerly Emigrant Savings Bank) is a private American financial institution. It is the oldest savings 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 ...

and it was the ninth-largest privately owned

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

in America in 2012, with assets of $8.1 billion. As of June 2021, it has assets of $5.75 billion, and is ranked 244th in asset size among all banks in the United States. Emigrant Bank has several online-only divisions including Emigrant Direct and Dollar Savings Direct.

History

The bank was founded in 1850 by 18 members of the Irish Emigrant Society, with the support of

Archbishop John Hughes John Joseph Hughes (June 24, 1797 – January 3, 1864) was a prelate of the Roman Catholic Church in the United States. He was the fourth Bishop and first Archbishop of the Archdiocese of New York, serving between 1842 and his death in 1864. In ...

, purposed of the goal of serving the needs of the Irish community in New York City. The headquarters was located at

49 Chambers 49 Chambers, formerly known as the Emigrant Industrial Savings Bank Building and 51 Chambers Street, is a residential building at 49–51 Chambers Street in the Civic Center neighborhood of Manhattan in New York City. It was built between 1909 ...

on Chambers Street in Manhattan. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the

New York Public Library The New York Public Library (NYPL) is a public library system in New York City. With nearly 53 million items and 92 locations, the New York Public Library is the second largest public library in the United States (behind the Library of Congress ...

and serve as valuable genealogical resources. The Emigrant Savings Bank also had customers from numerous other immigrant communities, including those from Eastern and Northern Europe. In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of losses. The bank increased its online presence with the introduction of the

virtual bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...

''Emigrant Direct'' in 2005.

Owners

The Milstein family owns the bank;

Howard Milstein Howard Philip Milstein (born May 15, 1951) is an American businessman. Milstein is chairman, president and chief executive officer of New York Private Bank & Trust and its operating bank, Emigrant Bank. Emigrant is the country's 9th largest privat ...

is Chairman, President & Chief Executive Officer of

New York Private Bank & Trust New York Private Bank & Trust Corporation is a bank holding company headquartered in New York City, United States. Howard Milstein is the chairman, president and CEO A chief executive officer (CEO), also known as a central executive officer ( ...

, the

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...

for Emigrant Bank. In July 2012, the sale of 30 branches to

Apple Bank for Savings 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 ...

was announced. Two branches were retained 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 ...

and in

Westchester County, New York Westchester County is located in the U.S. state of New York. It is the seventh most populous county in the State of New York and the most populous north of New York City. According to the 2020 United States Census, the county had a population o ...

Gallery

File:Emigrant Savings Bank 6E43 jeh.JPG File:Emigrant Industrial Savings Bank 005.JPG File:New York City 014 - Emigrant savings bank.jpg

References

{{reflist Banks based in New York City Banks established in 1850 Privately held companies of the United States