Bank for Savings in the City of New-York
| Company type | Savings bank |
|---|---|
| Industry | Banking |
| Founded | March 16, 1819 in New York City, United States |
| Founder | Thomas Eddy |
| Defunct | 1982 |
| Fate | Merged with Buffalo Savings Bank to form Goldome |
| Headquarters | New York City , United States |
| Products | Savings accounts |
The Bank for Savings in the City of New-York (1819–1982) ranks among the earliest banking institutions in the United States and holds the distinction of being New York City's first savings bank. Established in 1816 with the initial purpose of serving as "a bank for the poor," it eventually merged with the Buffalo Savings Bank in 1982. The combined entity ceased operations following its failure in 1991.
Founding
As Manhattan's inaugural savings bank and the fourth bank founded nationwide, the Bank for Savings in the City of New-York was incorporated by the New York State Legislature on March 16, 1819, after its 1816 establishment. Inspired by European models of savings banks, its primary objective was to offer workers a secure place to deposit their earnings while earning interest. The founder, Thomas Eddy, emphasized the institution’s charitable mission to foster self-reliance, thrift, and industriousness among lower-income populations.
The bank’s original premises were situated on Chambers Street—later notable for hosting America’s first Egyptian mummy exhibition in 1824—before relocating to Bleecker Street on April 10, 1856. This relocation led to its common informal name, the Bleecker Street Savings Bank.
Civil War
Throughout the Civil War, the bank symbolized economic strength, managing deposits exceeding $11 million and maintaining the largest working-class depositor base within New York State. After a fire damaged its facility, it moved on August 15, 1894, from Bleecker Street to a new Romanesque-style building at 280 Fourth Avenue near 22nd Street. Designed by Cyrus L. W. Eidlitz, this headquarters was later relocated to Park Avenue South.
Merger
In August 1963, the Bank for Savings merged with the New York Savings Bank, creating the New York Bank for Savings. This consolidation allowed expansion beyond New York’s typical five-branch restriction for savings banks, permitting up to ten branches—the tenth branch opening in 1966.
Notable directors
Among its founders and early board members were Thomas Eddy, William Bayard Jr. (the institution’s first president), DeWitt Clinton, Archibald Gracie, Cadwallader D. Colden, John Pintard, Matthew Clarkson, Peter Augustus Jay, and Brockholst Livingston. Later prominent directors included philanthropist Frederic James de Peyster and politician Hamilton Fish, who resigned from his directorship upon assuming office as U.S. Secretary of State.
Demise
After merging with Buffalo Savings Bank in 1982 and adopting the name Goldome, the institution ultimately failed in 1991 along with several other banks, resulting in permanent closure.