Bowery Savings Bank

The Bowery Savings Bank was established in New York City under a state charter in May 1834. By the year 1930, it had grown to become the largest bank in the United States in terms of total deposits. By 1980, its network included more than 35 branches throughout the New York metropolitan region. In 1992, the institution was acquired by H. F. Ahmanson & Co. for $200 million.

The bank’s initial location at 130 Bowery underwent two replacements; the present structure, crafted by Stanford White and completed in 1895, now serves as a high-end event venue. In 1920, the bank moved its headquarters, commissioning a new building at 110 East 42nd Street constructed between 1921 and 1923. Both edifices are recognized as New York City designated landmarks.

History

Founded in 1834 at 128-130 Bowery in Manhattan, Bowery Savings Bank maintained its position as the leading U.S. savings bank by deposits from 1930 through 1976. By 1980, it had expanded its presence to over 35 branches spanning Manhattan, Brooklyn, Queens, Nassau, and Suffolk counties. The deregulation of banking and the subsequent increase in interest rates on savings accounts placed significant financial pressure on the institution. By 1982, liquidity challenges emerged; in 1985, with assistance from the Federal Deposit Insurance Corporation, ownership transferred to Richard Ravitch and associates for $100 million. This arrangement permitted a capital shortfall of $220 million instead of triggering payouts on deposits totaling $5 billion.

In 1992, Bowery Savings was purchased by H. F. Ahmanson & Co. for $200 million and subsequently rebranded as Home Savings of America, aligning with Ahmanson's nationwide expansion strategy. Three years later, in 1995, Ahmanson divested its New York branches to Greenpoint Savings Bank. Greenpoint was later acquired by North Fork Bank in 2004, which itself was absorbed by Capital One Bank in 2007.

Between 1972 and 1992, baseball legend and Hall-of-Famer Joe DiMaggio acted as the bank’s spokesperson, significantly boosting its brand visibility and market presence.

Timeline

• May 1, 1834 – Bowery Savings Bank chartered by New York State (May 1834–Oct 1985)
• October 22, 1920 – Merger with Universal Savings Bank
• February 14, 1949 – Merger with North River Savings Bank
• February 11, 1980 – Merger with Equitable Savings & Loan Association
• October 1, 1985 – Merged with The State Bowery Savings Bank
• April 20, 1992 – Renamed Home Savings of America, Bowery Division (state savings bank)
• September 1, 1992 – Converted to Federal Home Savings of America, Bowery Division (federal savings bank)

Buildings

130 Bowery

The bank’s headquarters at 128–130 Bowery was designed by Stanford White of the firm McKim, Mead & White and constructed between 1893 and 1895. This L-shaped structure stretches from Bowery to Elizabeth Street and includes a secondary entrance at 228 Grand Street. White’s Roman classical architectural style set a precedent for bank building designs nationwide. The façade is adorned with Corinthian columns and sculpted pediments created by Frederic MacMonnies, while the interior emulates a Roman temple featuring extensive marble finishes—including yellow Siena marble teller counters—and mosaic flooring. Additional design elements include faux marble scagliola columns, coffered ceilings, and cast iron skylights.

Recognized as a New York City landmark for its exterior since 1966 and interior since 1994, the building was also listed on the National Register of Historic Places in 1980. Today, it functions as "Capitale," an upscale restaurant and event venue favored for weddings and special occasions. In addition, the neighboring structure at 124 Bowery—designed by York & Sawyer and completed in 1902—was designated a landmark in 2012.

110 East 42nd Street

In 1920, the institution moved its main offices to 110 East 42nd Street, situated between Park Avenue and Lexington Avenue, directly opposite Grand Central Terminal. The structure, crafted by York and Sawyer in the Italian Romanesque Revival style with William Louis Ayres overseeing as partner in charge, boasts an impressive interior space measuring 65 feet in height, 80 feet in width, and nearly 198 feet in length. The design incorporates materials such as marble, limestone, sandstone, and bronze screens, evoking the ambiance of a basilica. Between 1931 and 1933, a six-story extension referred to as "The Chapel" was constructed.

Recognized as a New York City landmark in 1996, the building's ground floor has been repurposed into a sophisticated event venue managed by Cipriani.

Archives

In April 2019, archival materials dating back over a century from the Bowery Savings Bank were uncovered in a basement located in Brooklyn. Archivists promptly took measures to preserve these documents, which a historian characterized as potentially invaluable for shedding light on the bank’s historical impact.

During the 1920s, Henry Miller produced A Bowery Phoenix, a concise mezzotint that emphasized the architectural features of the bank.

References

Notes

Bibliography

External links

• at Emporis Buildings
• Photographic images and architectural drawings of the Bowery Savings Bank Building
• The miracle of mutual savings, as illustrated by one hundred years of the Bowery savings bank Orcutt, William Dana (1870-1953) The miracle of mutual savings, as illustrated by one hundred years of the Bowery savings bank (New York, The Bowery Savings Bank, 1934)