Dime Savings Bank of New York

Dime Savings Bank of New York

Company type	Financial institution
Industry	Banking
Predecessor	Dime Savings Bank of Brooklyn
Founded	1859 (1859)
Defunct	2002 (2002)
Fate	Acquired by Washington Mutual
Successor	Washington Mutual
Headquarters	Brooklyn, New York City , United States
Area served	New York, New Jersey, Florida
Products	Banking services
Parent	Washington Mutual (from 2002)

The Dime Savings Bank of New York, initially founded as the Dime Savings Bank of Brooklyn, was a financial institution based in Brooklyn, New York City, that operated from 1859 until 2002.

Its first main office was located at 9 DeKalb Avenue, a structure erected between 1906 and 1908 in Downtown Brooklyn. In 2002, Dime was purchased by Washington Mutual, which subsequently collapsed in 2008. Following this failure, JPMorgan Chase acquired Washington Mutual's assets, including all former Dime properties.

History

Established by charter in 1859, the Dime Savings Bank of Brooklyn offered customers the opportunity to open accounts with deposits as low as ten cents. Throughout the late 19th century, the bank moved its headquarters several times to accommodate Brooklyn’s expansion. After Brooklyn became part of the City of Greater New York, the bank declared plans in 1905 to build a new headquarters at the corner of DeKalb Avenue and Fleet Street, relocating there by December 1908.

In July 1994, Dime Bancorp revealed its intention to acquire Anchor Bancorp based in Hewlett, along with its subsidiary Anchor Savings Bank, for $1.2 billion in stock. This transaction was finalized in January 1995, resulting in a combined network of 76 branches across New York, 18 in New Jersey, and five in Florida.

A $2 billion merger of equals with Hudson United Bancorp was announced in September 1999 but was called off by April 2000 after North Fork Bancorporation launched an unsolicited takeover bid. North Fork eventually withdrew its offer in September 2000 following extended legal disputes. (Subsequently, Hudson United was acquired by TD Banknorth in 2005, while North Fork was purchased by Capital One shortly thereafter.)

In June 2001, Washington Mutual declared its plans to acquire Dime Bancorp for $5.2 billion in a combination of cash and stock, with the deal closing in January 2002. At that time, Dime operated 123 branches throughout New York and New Jersey and held $14 billion in deposits. Washington Mutual itself failed in 2008; its assets—including former Dime locations—were transferred to JPMorgan Chase under the oversight of the Federal Deposit Insurance Corporation.

In 2016, Charney Companies acquired the original Dime site for $80 million and announced intentions to preserve its neoclassical design while adding a new 22-story residential building, completed in 2020. Today, this location features New York’s largest publicly accessible electric vehicle charging station managed by Revel.

Headquarters

The bank’s main office at 9 DeKalb Avenue was constructed between 1906 and 1908 based on designs by Mowbray and Uffinger. It underwent enlargement during 1931–32 under architects Halsey, McCormack and Helmer. Recognized as a New York City designated landmark, this building was purchased for $90 million in December 2015 by developers Michael Stern and Joe Chetrit. They incorporated the historic edifice into the development now known as The Brooklyn Tower (formerly called 9 DeKalb Avenue). The tower’s structural framework began rising in 2018 and reached completion in 2022, establishing it as Brooklyn’s tallest skyscraper and the tallest building outside Manhattan.

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