Emigrant Savings Bank
From Wikipedia, the free encyclopedia
Emigrant Savings Bank is the oldest savings bank in New York City and the largest privately owned bank in the country. As of December 2007[update], Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion.[1] It also offers an account called Dollar Savings Direct, which offers a relatively high floating interest rate but requires a $1,000 minimum deposit.
As of October 2009[update], the current annual percentage yield for Emigrant Direct's American Dream Savings Account is 1.30%.[2]
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[edit] History
The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York.[1] In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank Emigrant Direct in 2005.
[edit] Owners
The Milstein family owns the bank; they are on the Forbes list of the 400 richest American families.[3]
[edit] References
- ^ a b "About us". Emigrant Savings Bank. http://www.emigrant.com/aboutus.shtml. Retrieved 2008-07-26.
- ^ "Learn more". EmigrantDirect. https://www.emigrantdirect.com/EmigrantDirectWeb/login/LearnMore.jsp. Retrieved 2009-07-16.
- ^ "The 400 Richest Americans". Forbes. http://www.forbes.com/lists/2007/54/richlist07_The-400-Richest-Americans_NameProper_10.html. Retrieved 2008-09-15.
[edit] External links
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