History
The bank was formed in 1983 by the merger of Dollar Savings Bank, 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.
Read more about this topic: Dollar Dry Dock Savings Bank
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