Dime Savings and Trust Company
| Company type | Bank (historic) |
|---|---|
| Industry | Banking |
| Founded | 1921 |
| Defunct | 1932 |
| Headquarters | Allentown , United States |
The Dime Savings and Trust Company, also referred to as the First Valley Bank, is a notable historic banking edifice located in Allentown, Pennsylvania. Constructed in 1925, this five-story building features a T-shaped layout, built primarily from red brick with a limestone base, and includes an attic level designed in the Art Deco style using brick and limestone materials.
In 1985, it was officially recognized by being listed on the National Register of Historic Places.
Establishment
Established in 1921, the Dime Savings and Trust Company ranked as the fifth-largest financial institution in Allentown at that time, building upon the heritage of a local bank dating back to the 1840s. Its structure was one of three prominent buildings erected within a two-year span in Allentown’s downtown business district. Alongside the Americus Hotel and the PPL Building, these constructions embodied the Art Deco architectural influences prevalent both locally and in New York City during that era.
The principal banking hall is regarded as one of the region’s most intact grand banking interiors. Spanning the entire width of the building’s front section, it extends past the elevator core and includes a two-level balcony at its rear. The space is defined by engaged piers and consoles topped with an elaborate dentelle cornice, exemplifying the monumental masonry typical of major banks from that period. Enhancing its distinguished ambiance are two Art Deco bronze chandeliers with fluted detailing, suspended at opposite ends of the hall.
Mid-20th century
At the start of the Great Depression in 1930, this bank was among Allentown’s largest financial institutions; however, by 1932 it had ceased operations, leaving only its building as a testament to its former significance. After its closure, the Dime Savings and Trust Company building remained largely unoccupied as successive owners faced challenges in repurposing the space.
The building gained inclusion on the National Register of Historic Places in 1985. In 1991, a private purchaser undertook restoration work on its grand first-floor banking room, earning municipal accolades for preservation efforts. This area later served as an antique market for several years and notably endured the collapse of its neighboring structure, Corporate Plaza (22 North Seventh Street), caused by a sinkhole in 1994.
Recent developments
Although ownership changed hands multiple times, the property remained vacant for an extended period. Developer Abe Atiyeh briefly held ownership before offering it for sale via eBay in 2001. A Philadelphia-based high-end furniture company acquired it in 2004 with intentions to establish a combined dining venue and showroom; however, these plans were abandoned by 2007.
In 2012, as part of the PPL Center project, the building underwent renovation and was incorporated into the arena complex. It now functions as the lobby area for the attached 170-room Marriott Renaissance Hotel. The former two-story banking hall accommodates the hotel’s front desk, while upper floors have been converted into office and meeting spaces utilized by arena management.
During construction of the arena, foundation underpinning and stabilization were performed. The exterior facade received extensive repairs including installation of control joints, masonry reinforcements, and upgraded drainage systems to replace deteriorated components. New roofing materials and energy-efficient windows were installed with designs intended to maintain the original architectural appearance.
Due to deterioration of brickwork above the first floor, arena developers removed this portion down to its steel framework. Existing columns and beams were strengthened with steel plates to support new functions within the integrated arena complex. This process resulted in loss of the distinctive attic story featuring classic Art Deco elements as well as removal of the ornate ceiling within the former banking hall.
The remaining portion was incorporated into the Renaissance hotel that opened during summer 2015. The hotel’s onsite restaurant is named The Dime as a tribute to the bank’s historical significance.
See also
External links
- 1925 establishments in Pennsylvania
- Art Deco architecture in Pennsylvania
- Bank buildings on the National Register of Historic Places in Pennsylvania
- Buildings and structures in Allentown, Pennsylvania
- Commercial buildings completed in 1925
- History of Allentown, Pennsylvania
- National Register of Historic Places in Lehigh County, Pennsylvania