Dollar Savings Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | June 23, 1890 in New York City, United States |
| Founder | John Haffen |
| Defunct | 2004 |
| Fate | Consolidated with Dry Dock Savings Bank in 1983; taken over by NY State Banking Department in 1992; branches acquired by Emigrant Savings Bank and Apple Bank |
| Headquarters | New York City , United States |
Dollar Savings Bank of New York was active in New York City from 1890 until 2004.
History
Established on June 23, 1890, by John Haffen, Dollar Savings Bank encountered financial difficulties in February 1983. The Federal Deposit Insurance Corporation along with the New York State Banking Department arranged its consolidation with Dry Dock Savings Bank, resulting in the formation of Dollar Dry Dock Savings Bank.
On February 21, 1992, the New York State Banking Department took control of the bank and its 21 branches, appointing the FDIC as receiver. Emigrant Savings Bank acquired twenty of these branches, while Apple Bank took over the Flushing location.
In 2011, the Bronx headquarters of the bank was recognized and listed on the National Register of Historic Places.