Dollar Dry Dock Savings Bank
Encyclopedia
Dollar Dry Dock Savings Bank was a savings bank
that operated in New York
from 1983 to 1992.
, Bronx, New York and Dry Dock Savings Bank, New York City
. At the time of the merger, Dollar Savings Bank had 13 branches and Dry Dock had 30 branches. In order to raise cash, six branches were sold to Manufacturers Hanover Trust. In 1986, the bank became a privately held corporation. In 1989, three more branches were sold to First Fidelity and Chase Manhattan Bank
.
After an ill-timed expansion of services, the bank ran into severe financial trouble. By 1991, it was operating under a memorandum of understanding
with the Federal Deposit Insurance Corporation
(FDIC) and the New York State Banking Department
. In 1992, it was closed by both agencies, with all branches given to Emigrant Savings Bank
, except for the Flushing, New York branch, which was given to Apple Bank for Savings
.
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
that operated in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
from 1983 to 1992.
History
The bank was formed in 1983 by the merger of Dollar Savings BankDollar Savings Bank
Dollar Savings Bank was founded in The Bronx, New York City in 1890. It went through a series of name changes and mergers, including a merger with the Dry Dock Savings Bank of New York, which formed Dollar Dry Dock Savings Bank, which was ultimately liquidated in 1992.Over the years it expanded...
, Bronx, New York and Dry Dock Savings Bank, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. At the time of the merger, Dollar Savings Bank had 13 branches and Dry Dock had 30 branches. In order to raise cash, six branches were sold to Manufacturers Hanover Trust. In 1986, the bank became a privately held corporation. In 1989, three more branches were sold to First Fidelity and Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
.
After an ill-timed expansion of services, the bank ran into severe financial trouble. By 1991, it was operating under a memorandum of understanding
Memorandum of understanding
A memorandum of understanding is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in...
with the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC) and the New York State Banking Department
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...
. In 1992, it was closed by both agencies, with all branches given to Emigrant Savings Bank
Emigrant Savings Bank
Emigrant Savings Bank is the oldest savings bank in New York City and the largest privately owned bank in the country. , Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion...
, except for the Flushing, New York branch, which was given to Apple Bank for Savings
Apple Bank for Savings
The Apple Bank for Savings provides private and commercial banking services to the greater New York City area. It is the 4th largest New York-based bank and has 50 branches in Manhattan, Brooklyn, Queens, Staten Island and the Bronx, as well as Westchester, Suffolk and Nassau counties...
.