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, 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, with the goal of serving the needs of the Irish community 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 ...
.
The headquarters was located at on 49
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 a ...
and serve as valuable genealogical resources. 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.
On September 10, 2003, Emigrant Bank, in conjunction with the private equity firm The Courtney Group, acquired the
Boylan Bottling Company. It represented the first transaction in the beverages sector for the two purchasers, and their first in New Jersey, which at the time was the home of Boylan's
Teterboro headquarters. As part of the deal, Emigrant Capital executive-in-residence Val Stalowir joined Boylan’s board of directors.
Howard Milstein is chairman, president, and chief executive officer of
New York Private Bank & Trust, 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') or bancorporation is often used to refer to such companies as w ...
for Emigrant Bank. He has run the bank since 2004.
Due to the
2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, Emigrant Bank sold 30 of its branches to
Apple Bank in 2012. Two branches were retained, one in midtown
Manhattan
Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...
and one in
Ossining, New York.
In 2016, a Brooklyn jury found Emigrant Bank to have targeted minorities with predatory mortgages with rates of up to 18 percent.
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