The Bank for Savings in the City of New-York

The Bank for Savings in the City of New-York (1819 - 1982) was the first savings bank in New York City. [1]

History

The Bank for Savings in the City of New-York was incorporated on March 16, 1819 [2]. First publicly advertised as "A BANK FOR THE POOR," it was modeled after similar institutions in Europe; its stated purpose was to "effect a secure place of deposit for the earnings of the laboring part of the community: and at the same time to give them the benefit of an accumulation of interest." Among its founders and first directors were Thomas Eddy, William Bayard Jr., DeWitt Clinton, Archibald Gracie,Cadwallader D. Colden, John Pintard, Matthew Clarkson, Peter Augustus Jay and Brockholst Livingston. Although many credit Eddy with founding the institution, Bayard, who was also a director of the Bank of America founded by Amadeo Giannini, served as the bank's first president. [3]

Demise

It later merged with the Buffalo Savings Bank in 1982 and its name was subsequently changed to Goldome. [4] [5] The bank is no longer extant today. [6]

References

  1. ↑ Jenkins, Stephen,The Greatest Street in the World: The Story of Broadway, Old and New, from the Bowling Green to Albany, 1911
  2. ↑ Jaremski, Matthew and Plastaras, Brady, "An In-depth Analysis of New England Mutual Savings Banks, 1870-1914" (2015). Economics Faculty Working Papers. Paper 44. http://commons.colgate.edu/econ_facschol/44
  3. ↑ Knowles, Charles, "History of the Bank for Savings in the City of New York," 1936.
  4. ↑ US Bank Locations. "The New York Bank for Savings". Retrieved March 20, 2018.
  5. ↑ "Bank Remnants". Forgotten New York. Retrieved March 20, 2018.
  6. ↑ Jill Comoletti. "The Beautiful, Ornate Bank Buildings Of Old New York". Business Insider. Retrieved March 20, 2018.
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