Greenwich Savings Bank
Encyclopedia
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.
. At its height, it had branches in New York City, Nassau County
and Suffolk County
with US$2.1 billion in assets.
and W. 36th Street in Midtown Manhattan
. The steel-reinforced limestone/sandstone building was designed by York and Sawyer
in a Classical Revival style with monumental columns, rusticated walls and a Roman
-style dome.
The interior was embellished with ten-foot-tall brass foyer doors, a board room and executive office with rubbed-oak paneling and soapstone fireplaces, and an elliptical banking room with limestone Corinthian
columns, granite walls, a marble floor, a bronze tellers' screen with sculptures of Minerva
(symbolizing wisdom) and Mercury
(representing commerce), and a coffered, domed ceiling with a 3000 square feet (278.7 m²) stained-glass skylight.
(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.
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 (now part of HSBC
Bank USA) was named the new owner of the bank accounts.
America purchased the Greenwich Savings Bank building in 2000 as its corporate headquarters. In 2002, Haier rechristened it The Haier Building.
An event management
company leases several of the Haier Building's large historic rooms, which are operated as the venue Gotham Hall. The old main banking room, board room and executive office are rented out as the "Grand Ballroom", "Oak Room", and "Green Room", for corporate events, private parties such as weddings and receptions, and other functions.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
savings bank
Mutual savings bank
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members...
based in 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...
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.
Charter
Greenwich Savings Bank was chartered in 1833 in New York CityNew 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 its height, it had branches in New York City, Nassau County
Nassau County, New York
Nassau County is a suburban county on Long Island, east of New York City in the U.S. state of New York, within the New York Metropolitan Area. As of the 2010 census, the population was 1,339,532...
and Suffolk County
Suffolk County, New York
Suffolk County is a county located in the U.S. state of New York on the eastern portion of Long Island. As of the 2010 census, the population was 1,493,350. It was named for the county of Suffolk in England, from which its earliest settlers came...
with US$2.1 billion in assets.
Headquarters
In 1922-24, the bank constructed its new headquarters at the intersection of BroadwayBroadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
and W. 36th Street in Midtown Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
. The steel-reinforced limestone/sandstone building was designed by York and Sawyer
York and Sawyer
The architectural firm of York and Sawyer produced many outstanding structures, exemplary of Beaux-Arts architecture as it was practiced in the United States. The partners Edward York and Philip Sawyer had both trained in the office of McKim, Mead, and White...
in a Classical Revival style with monumental columns, rusticated walls and a Roman
Roman architecture
Ancient Roman architecture adopted certain aspects of Ancient Greek architecture, creating a new architectural style. The Romans were indebted to their Etruscan neighbors and forefathers who supplied them with a wealth of knowledge essential for future architectural solutions, such as hydraulics...
-style dome.
The interior was embellished with ten-foot-tall brass foyer doors, a board room and executive office with rubbed-oak paneling and soapstone fireplaces, and an elliptical banking room with limestone Corinthian
Corinthian order
The Corinthian order is one of the three principal classical orders of ancient Greek and Roman architecture. The other two are the Doric and Ionic. When classical architecture was revived during the Renaissance, two more orders were added to the canon, the Tuscan order and the Composite order...
columns, granite walls, a marble floor, a bronze tellers' screen with sculptures of Minerva
Minerva
Minerva was the Roman goddess whom Romans from the 2nd century BC onwards equated with the Greek goddess Athena. She was the virgin goddess of poetry, medicine, wisdom, commerce, weaving, crafts, magic...
(symbolizing wisdom) and Mercury
Mercury (mythology)
Mercury was a messenger who wore winged sandals, and a god of trade, the son of Maia Maiestas and Jupiter in Roman mythology. His name is related to the Latin word merx , mercari , and merces...
(representing commerce), and a coffered, domed ceiling with a 3000 square feet (278.7 m²) stained-glass skylight.
Losses and closure
By the time of bank deregulation in 1980, the bank started having big losses. In 1981, the Federal Deposit Insurance CorporationFederal 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 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
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
, which printed the story.
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
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...
closed the bank, naming the FDIC as receiver. That same day Metropolitan Savings Bank of Brooklyn (now part of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
Bank USA) was named the new owner of the bank accounts.
Conversion to Haier Building / Gotham Hall
HaierHaier
Haier Group is a multinational consumer electronics and home appliances company headquartered in Qingdao, Shandong, People's Republic of China. Its products include air conditioners, mobile phones, computers, microwave ovens, washing machines, refrigerators, and televisions...
America purchased the Greenwich Savings Bank building in 2000 as its corporate headquarters. In 2002, Haier rechristened it The Haier Building.
An event management
Event management
Event management is the application of project management to the creation and development of festivals, events and conferences.Event management involves studying the intricacies of the brand, identifying the target audience, devising the event concept, planning the logistics and coordinating the...
company leases several of the Haier Building's large historic rooms, which are operated as the venue Gotham Hall. The old main banking room, board room and executive office are rented out as the "Grand Ballroom", "Oak Room", and "Green Room", for corporate events, private parties such as weddings and receptions, and other functions.