Emigrant Savings Bank
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. It also offers an account called Dollar Savings Direct, which offers a relatively high floating interest rate but requires a $1,000 minimum deposit.
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. The headquarters used to be at the Emigrant Industrial Savings Bank building on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.
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.
The Milstein family owns the bank; Howard Milstein is Chairman, President & Chief Executive Officer of Emigrant Savings Bank. In July 2012 the sale of 30 branches to Apple Bank for Savings was announced.