Dollar Dry Dock Savings Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Predecessor | Dollar Savings Bank of New York, Dry Dock Savings Bank |
| Founded | 1983 |
| Defunct | 1992 |
| Fate | Bank failure; assets and branches sold to Emigrant Savings Bank and Apple Bank |
| Headquarters | New York City , United States |
Area served | New York metropolitan area |
| Products | Savings bank services, money market accounts |
Dollar Dry Dock Savings Bank operated as a savings bank in New York City from its establishment in 1983 until its bank failure in 1992.
History
The bank was created in 1983 through the merger of two long-standing institutions: Dollar Savings Bank of New York and Dry Dock Savings Bank, both dating back to the 19th century. At the time of consolidation, the new entity managed 43 branches—13 originating from Dollar Savings and 30 from Dry Dock. To bolster its capital base, the bank divested six branches to Manufacturers Hanover Trust.
In 1985, Dollar Dry Dock attracted depositors by providing a notably high interest rate of 9.59% on money market accounts, ranking among the top rates within the New York metropolitan area. The institution underwent privatization in 1986.
From 1989 to 1990, the bank reduced its footprint by selling several branches: one branch was transferred to First Fidelity, and two were acquired by Chase Manhattan Bank.
On February 21, 1992, the New York State Banking Department took control of the bank along with its 21 branches, appointing the Federal Deposit Insurance Corporation as receiver. Subsequently, Emigrant Savings Bank purchased 20 branches, while Apple Bank acquired the Flushing location. At the time of closure, Dollar Dry Dock's assets totaled $3.7 billion. Its real estate division was separately sold to the company’s president.