Dollar Savings Bank was founded in The Bronx, New York City in 1890. It went through a series of name changes and mergers, including a merger with the Dry Dock Savings Bank of New York, which formed Dollar Dry Dock Savings Bank, which was ultimately liquidated in 1992.
Over the years it expanded into Manhattan. By the time of deregulation in 1981, it was starting to have trouble coping with rising interest rates and lower fixed loan rates. In 1982, the FDIC and the New York State Banking Dept arranged for it to be merged with the Dry Dock Savings Bank headquartered in Manhattan. By the late 1980s the new bank Dollar Dry Dock Savings Bank started to run into trouble. On February 21, 1992 the bank was closed by the NYS banking department with the FDIC named as receiver. Emigrant Savings bought 20 of the branches with the Flushing, NY branch being purchased by Apple Bank for Savings.
On February 14, 2004, Dollar Savings Bank, Newark, New Jersey was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
In 2011 the building was listed on the National Register of Historic Places.
Famous quotes containing the words dollar and/or bank:
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Sherry Peatty: You don’t know me very well, Johnny. I wouldn’t think of letting George throw his money away on cigars.”
—Stanley Kubrick (b. 1928)
“The English language is like a broad river on whose bank a few patient anglers are sitting, while, higher up, the stream is being polluted by a string of refuse-barges tipping out their muck.”
—Cyril Connolly (1903–1974)