History
The Greenwich Savings Bank was chartered in 1833 in New York City. At its height, it had branches in New York City, Nassau County and Suffolk County with $2.1 billion in assets.
By the time of bank deregulation in 1980, the bank started having big losses. In 1981, the Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department sought buyers for the bank. In October of that year, a participant in a meeting about possible buyers left material on the meeting table. This information was given to The New York Times, which printed the story.
In its final three days the bank lost $500 million in deposits out of its total of $1.5 billion due to a run on the bank. At the end of the third day the New York State Banking Department closed the bank, naming the FDIC as receiver. That same day Metropolitan Savings Bank of Brooklyn (now part of HSBC Bank USA) was named the new owner of the bank accounts.
Read more about this topic: Greenwich Savings Bank
Famous quotes containing the word history:
“The disadvantage of men not knowing the past is that they do not know the present. History is a hill or high point of vantage, from which alone men see the town in which they live or the age in which they are living.”
—Gilbert Keith Chesterton (1874–1936)
“All history attests that man has subjected woman to his will, used her as a means to promote his selfish gratification, to minister to his sensual pleasures, to be instrumental in promoting his comfort; but never has he desired to elevate her to that rank she was created to fill. He has done all he could to debase and enslave her mind; and now he looks triumphantly on the ruin he has wrought, and say, the being he has thus deeply injured is his inferior.”
—Sarah M. Grimke (1792–1873)
“If man is reduced to being nothing but a character in history, he has no other choice but to subside into the sound and fury of a completely irrational history or to endow history with the form of human reason.”
—Albert Camus (1913–1960)