Emigrant Savings Bank
Emigrant Savings Bank is the oldest savings bank in New York City and the ninth-largest privately owned bank in the country.[1] It has several online-only divisions that offer high yield savings accounts, including Emigrant Direct, Dollar Savings Direct and their latest offering, My Savings Direct.
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History
The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York.[2] The headquarters used to be at the Emigrant Industrial Savings Bank building on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.[3]
In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank Emigrant Direct in 2005.
Owners
The Milstein family owns the bank; Howard Milstein is Chairman, President & Chief Executive Officer of Emigrant Savings Bank. In July 2012 the sale of 30 branches to Apple Bank for Savings was announced, two branches were retained. [4]
