Dime Savings Bank of New York

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Dime Bancorp, Inc.
Dime Savings Bank of New York
Traded asNYSE: DME
IndustryBank holding company
FateAcquired by Washington Mutual and rebranded all of its locations to Washington Mutual banks
SuccessorWashington Mutual, JPMorgan Chase
Founded1859; 159 years ago (1859)
DefunctJanuary 8, 2002; 16 years ago (2002-01-08)
HeadquartersBrooklyn, New York City, New York, U.S.
ProductsFinancial services
Websitearchived official website

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, operated from 1859 to 2002. It should not be confused with the Dime Savings Bank of Williamsburgh, also headquartered in Brooklyn, New York City.

The bank's former headquarters building at 9 DeKalb Avenue at Fleet Street in the Civic Center area of Brooklyn was built in 1906-08 and was designed by Mowbray & Uffinger in the Classical Revival style. It was significantly enlarged by Halsey, McCormack & Helmer in 1931-32. The interior of the building is "remarkable"[1] and features large gilded Mercury-head dimes and twelve red marble columns supporting the rotunda; these were added in the 1931-32 expansion.[1][2] The building was designated a New York City Landmark on July 19, 1994.[3]

Dime was acquired by Washington Mutual in 2002, which subsequently failed in 2008. Dime was included in the assets that were sold to JPMorgan Chase by the Federal Deposit Insurance Corporation after Washington Mutual was seized and placed in receivership. In December 2015, developers Michael Stern and Joe Chetrit completed purchasing the building for $90 million, having entered contract talks with JPMorgan Chase the previous summer. They plan to incorporate the landmark building into a new supertall skyscraper, using the 300,000 square feet of air-rights that come with the Dime Savings Bank property. When completed, the building will be the tallest structure in Brooklyn.[4][5]

History[edit]

In July 1994, Dime Bancorp announced the pending acquisition of the Hewlett-based Anchor Bancorp with its Anchor Savings Bank, FSB subsidiary for $1.2 billion in stock.[6][7] The acquisition was completed in January 1995.[8] The merger resulted in a newly combined company with 76 branches in New York, 18 in New Jersey and 5 in Florida.

In September 1999, Hudson United Bancorp and Dime Bancorp announced a merger of equals that was worth $2 billion in stock.[9] But before the merger could be implemented, North Fork Bancorporation initiated a hostile takeover attempt of Dime in March 2000.[10] Since Dime was preoccupied with defending itself against North Fork, Dime and Hudson United decided to terminate their merger agreement in April.[11][12] North Fork finally gave up in September 2000 after spending several months filling lawsuits against Dime and defending itself against counter lawsuits that were filed by Dime.[13]

In June 2001, Washington Mutual announced the pending acquisition of Dime Bancorp for $5.2 billion in cash and stock.[14][15] The acquisition was completed in January 2002.[16] Dime had 123 branch offices in the New York City area in the states of New York and New Jersey.[17]

Historically, Downtown Brooklyn was primarily a commercial and civic center, but since the rezoning of parts of Downtown Brooklyn in 2004 to allow for denser residential development, the area has seen the arrival of new condominium towers, townhouses, and office conversions.[18] The New York City Department of City Planning approved another, significant rezoning for portions of Downtown Brooklyn, including the Fulton Mall area upon which Dime sits, which resulted in significant expansion of office space and ground-floor retail, such as those at City Point across Fleet Street from the bank.[19] The rezoning consists of "zoning map and zoning text changes, new public open spaces, pedestrian and transit improvements, urban renewal, [and] street mappings".[20]

See also[edit]

References[edit]

Notes

  1. ^ a b White, Norval; Willensky, Elliot & Leadon, Fran (2010), AIA Guide to New York City (5th ed.), New York: Oxford University Press, ISBN 9780195383867, p.588
  2. ^ New York City Landmarks Preservation Commission; Dolkart, Andrew S.; Postal, Matthew A. (2009), Postal, Matthew A., ed., Guide to New York City Landmarks (4th ed.), New York: John Wiley & Sons, ISBN 978-0-470-28963-1, p.240
  3. ^ Breiner, David. "Dime Savings Bank Designation Report" New York City Landmarks Preservation Commission (July 19, 1994)
  4. ^ Geiger, Daniel (December 23, 2015). "Developers close deal that allows Brooklyn's tallest tower". Crains New York. Retrieved February 18, 2016.
  5. ^ "73-Story Tower Would Be Brooklyn's Tallest by Far". The New York Times. 2016-02-17. ISSN 0362-4331. Retrieved 2018-05-09.
  6. ^ "Getting together: Dime Bancorp Inc. and Anchor Bancorp..." Chicago Tribune. July 6, 1994.
  7. ^ Hansell, Saul (July 7, 1994). "Dime and Anchor Plan a Merger To Form No. 4 U.S. Savings Bank". The New York Times.
  8. ^ "Dime Bancorp And Anchor Bancorp Complete Merger". Business Wire (Press release). January 13, 1995 – via The Free Library.
  9. ^ Gosselin, Kenneth R. (September 16, 1999). "Hudson United, Dime Bancorp To Merge". Hartford Courant.
  10. ^ Johnston, David Cay (March 6, 2000). "Long Island Holding Company Makes Offer for Dime Bancorp". The New York Times.
  11. ^ "Dime-Hudson United Terminate Merger Agreement". PR Newswire (Press release). April 28, 2000.
  12. ^ "Dime/Hudson merger off: Banks cancel $1.5 billion stock deal in wake of North Fork hostile bid". CNN. April 28, 2000.
  13. ^ Tharp, Paul (September 29, 2000). "North Fork Drops Hostile Dime Bid". New York Post.
  14. ^ "Dime Bancorp Bought by Nation's Largest S.& L." The New York Times. June 26, 2001.
  15. ^ "Giant thrift to acquire Dime Bancorp". Chicago Tribune. June 26, 2001.
  16. ^ "Business Briefs: WaMu wraps up purchase of N.Y.-based Dime Bancorp". Seattle Times. January 8, 2002. p. F2. (Subscription required (help)). Washington Mutual completed its $5.2 billion cash and stock purchase of Dime Bancorp, giving the largest U.S. savings and loan an entry into the New York market. By purchasing Dime, Seattle-based Washington Mutual gains more than 120 branches in New York and New Jersey.
  17. ^ "Leading Thrift to Buy Northeast's Dime Bancorp: Financial services: Washington Mutual agrees to acquire New York company for $5.3 billion in stock, cash". Los Angeles Times. June 25, 2001. Dime had $14 billion of deposits in New York and New Jersey at the end of last year.
  18. ^ "Downtown Brooklyn - Home". dbpartnership.org. Retrieved May 28, 2015.
  19. ^ Kevin Walsh. "Downtown Brooklyn". Forgotten New York. Retrieved August 16, 2015.
  20. ^ Downtown Brooklyn, New York City Department of City Planning. Accessed October 9, 2007.

External links[edit]