Greenwich Savings Bank
From Wikipedia, the free encyclopedia
The Greenwich Savings Bank was an American savings bank based in New York City that operated from 1833 to 1981. At the time of its closure in 1981, it was the 16th largest bank in the U.S. by total deposits.[1]
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The Greenwich Savings Bank was chartered on July 1, 1833, in New York City. The bank was originally headquartered at 10-12 Carmine Street near Sixth Avenue in Greenwich Village, Manhattan.[2]: 15 The original headquarters was relocated in 1839 to 11 Sixth Avenue. The bank further relocated in 1846 to 41 Sixth Avenue and in 1854 to 71-75 Sixth Avenue. In 1892 the bank moved to the intersection of Sixth Avenue and 16th Street, further north in Chelsea.[2]: 16
At its height, it had branches in New York City, Nassau County and Westchester County, with $2.5 billion in assets.[3]
By the time of bank deregulation in 1980, the bank started having big losses. In 1981, the Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department sought buyers for the bank. In October of that year, a participant in a meeting about possible buyers left material on the meeting table. This information was given to The New York Times, which printed the story.[4]
In its final three days, the bank lost $500 million in deposits out of its total of $1.5 billion due to a run on the bank. At the end of the third day, the New York State Banking Department closed the bank, naming the FDIC as receiver. That same day Metropolitan Savings Bank of Brooklyn was named the new owner of the bank accounts. Three years later, the combined bank was renamed Crossland Federal Savings Bank, which failed in 1992 and was seized by the FDIC.[3][5] Shares in Crossland were offered to the public in 1993; Crossland was acquired by Republic New York in 1995,[6] which in turn was bought out by HSBC Bank USA in 1999. Today all of the former Crossland branches are owned by Citizens Financial Group.
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