Dollar Dry Dock Savings Bank was a

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

that operated 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 ...

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 typically fails economically when the market value of its ass ...

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 an American bank holding company that was formed as parent of Manufacturers Hanover Trust Company (MHT or, informally, Manny Hanny), a large New York City bank formed through a merger in 1961 with ancestor c ...

. 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 called the Tri-State area and sometimes referred to as Greater New York, is the List of cities by GDP, largest metropolitan economy in the world, with a List of U.S. metropolitan areas by GDP, gross metropo ...

. 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, 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 financial services holding ...

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

branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...

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 Stat ...

with 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 ...

named as receiver.

Emigrant Savings Bank Emigrant Bank (formerly Emigrant Savings Bank) is a private American financial institution. It was the ninth-largest privately-owned bank in the United States in 2012, with assets of $8.1 billion. As of June 2021, it has assets of $5.75 billion, ...

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 19th century The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a ...

. 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