Seamen's Savings Bank was a bank in the United States that served people in the maritime industry, especially seamen. It was founded in 1829 and operated until 1990, when it was seized by the U.S. Government for being insolvent and its assets were sold to

Chase Bank JPMorgan Chase Bank, N.A., Trade name, doing business as Chase, is an American National bank (United States), national bank headquartered in New York City that constitutes the retail banking, consumer and commercial bank, commercial banking su ...

History

The bank was chartered on May 11, 1829, in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, as a mutual savings bank for the benefit of seamen and their families. It was one of the oldest savings banks in the country and the first to be established in New York City. The bank's first president was Pelatiah Perit, a prominent merchant and philanthropist. The bank survived several financial crises, including the

Panic of 1857 The Panic of 1857 was a financial crisis in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph Telegraphy is the long-distance transmission ...

, when there was a run on the bank by depositors. The bank was able to pay all its obligations and maintain its reputation. The bank also supported various charitable causes related to seamen, such as the

Sailors' Snug Harbor Sailors' Snug Harbor, also known as Sailors Snug Harbor and informally as Snug Harbor, is a collection of architecturally significant 19th-century buildings on Staten Island, New York City. The buildings are set in an park along the Kill Van ...

and the

Seamen's Church Institute of New York and New Jersey The Seamen's Church Institute (SCI; formerly known as the Seamen's Church Institute of New York and New Jersey) is an American maritime nonprofit organization that serves mariners and seafarers through chaplaincy, crisis response, training, feasi ...

. The bank moved its headquarters several times, but always remained in the

financial district A financial district is usually a central area in a city where financial services firms such as banks, insurance companies, and other related finance corporations have their headquarters offices. In major cities, financial districts often host ...

of New York City. In 1926, the bank built a new building at 74 Wall Street, designed by architect

Marc Eidlitz Marc Eidlitz (21 January 1826 – 15 April 1892) was a builder active in New York City, where he was prominent in the construction industry, in partnership with his son Otto Eidlitz (1860–1928). Biography Marc was born Markus to a Jewish famil ...

. The site is believed to have been the location of New York City's slave market in the 18th century. The bank building features an archway adorned with maritime-themed ornamentation, including ships and mermaids. The building is now a National Register-listed

landmark A landmark is a recognizable natural or artificial feature used for navigation, a feature that stands out from its near environment and is often visible from long distances. In modern-day use, the term can also be applied to smaller structures ...

. The bank converted to a federal charter in 1983 and went public in December 1985. It expanded its services and customer base beyond the maritime sector, offering various deposit and loan products. It also opened 13 branches in Manhattan, Westchester, Nassau and Suffolk counties. However, the bank suffered losses from bad loans and investments, and failed to meet the capital requirements set by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

(FDIC). On April 18, 1990, the bank was seized by the U.S. Government for being insolvent. The FDIC sold the bank's assets and liabilities to

, which assumed the bank's deposits and branches. The bank had $2.1 billion in assets and 170,000 depositors at the time of its closure.

Publications

The bank published several books and pamphlets related to its history and services, such as: * ''Seaman's Bank, 125 Years in Step with New York!'' by Michael G. Michalis (1954) * ''30 Wall; From 17th Century Stockade to the New Main Office of the Seamen's Bank for Savings in the City of New York'' (1955) * ''The Maritime Collection of the Seamen's Bank for Savings'' (1960) * ''The Mural Paintings in the Seamen's Bank for Savings in the City of New York'' (1961) * ''Wall Street, 1880'' (1965) * ''Maritime America; A Salute to Our Country's 200th Anniversary'' (1976)

Collectibles

The bank offered various collectibles and memorabilia to its customers and the public, such as: * A "Jolly Sailor" ceramic coin bank for new accounts * A " Sebastian Miniature" barometer designed by Prescott W. Baston with Native American, ship captain, and eagle figures * A subway line and road map of New York City (1957) * An engraved

Zippo A Zippo lighter is a reusable metal lighter produced by Zippo Manufacturing Company of Bradford, Pennsylvania, Bradford, Pennsylvania, United States. Thousands of different styles and designs have been made since their introduction in 1933, incl ...

lighter * A dollar coin in resin for its 125th anniversary * Placemats with reproductions of Gordon Grant's tallship images from its collection * An LP record of nautical songs performed by Bill Schustik (1976)

Gallery

File:1857 panic.jpeg, Wood engraving of bank run in 1857 File:Seamen's Bank for Savings. LOC gsc.5a30039.jpg File:Seamen's Bank for Savings. LOC gsc.5a24139.jpg File:Seamen's Bank for Savings ship models. LOC gsc.5a09599.jpg File:Seamen's Bank for Savings, 30 Wall St. LOC gsc.5a17530.jpg, 30 Wall Street File:Seamen's Bank for Savings, 30 Wall St. LOC gsc.5a17738.jpg File:Seamen's Bank for Savings, 74 Wall St., New York City. LOC gsc.5a09340.tif File:Seamen's Bank for Savings, 74 Wall St., New York City. LOC gsc.5a09407.tif File:Seamen's Bank for Savings, 74 Wall St., New York City. LOC gsc.5a09342.tif File:Seamen's Bank for Savings, 74 Wall St., New York City. LOC gsc.5a17957.jpg File:Seamen's Bank for Savings, 74 Wall St., New York City. LOC gsc.5a09349.tif File:Seamen's Bank for Savings, 546 5th Ave., New York City. LOC gsc.5a25807.jpg, 546 5th Avenue (appears to have been replaced in 1990 with a skyscraper)

References

{{Reflist Defunct banks of the United States Banks established in 1829 Banks disestablished in 1990 Banks based in New York City