Jamaica Savings Bank

Jamaica Savings Bank

Company type	Savings bank
Industry	Banking
Founded	April 20, 1866 (1866-04-20) in Jamaica, Queens, New York City, U.S.
Founder	John Alsop King and eighteen other entrepreneurs
Defunct	1999 (1999)
Fate	Acquired by North Fork Bank (later Capital One Bank)
Successor	North Fork Bank
Headquarters	Jamaica, Queens, New York City , United States
Area served	Queens, New York City
Key people	George S. Downing (President, 1934)
Products	Savings accounts and banking services

The Jamaica Savings Bank was established in 1866 within the Jamaica neighborhood of Queens, New York City. Prior to its acquisition by North Fork Bank in 1999—which itself was later absorbed by Capital One Bank in 2008—the institution operated four branches throughout Queens.

Its original headquarters, erected between 1897 and 1898, is an exemplar of Beaux-Arts design. This four-story brick edifice boasts a limestone exterior with a rusticated base level and windows secured by metal grilles. The facade is accentuated by two-story pilasters and embellished with intricately carved brackets and decorative swags.

Founding

On April 20, 1866, nineteen prominent local entrepreneurs—including ex-New York governor John Alsop King—came together to establish the bank. Their goal was to consolidate community funds for safeguarding savings and fostering Jamaica’s growth. The bank commenced operations on July 14, 1866, at 161-02 Jamaica Avenue, initially functioning out of the Queens County Clerk's office with just fifteen depositors contributing $2,675. To accommodate the town’s expansion, trustees enlisted architects Hough and Deuell to design a Beaux-Arts style headquarters, completed in 1898, which became the bank’s primary location.

Expansion alongside Jamaica's development

With the introduction of railroads and enhanced transit options, Jamaica evolved into the commercial and economic center of Queens County during the early 1900s. To meet increasing financial demands from the growing populace, George S. Downing, then president of Jamaica Savings Bank, advocated for branch expansion. In December 1934, Queensboro Savings Bank at 90-55 Sutphin Boulevard merged into Jamaica Savings Bank. Following this consolidation, the Sutphin Boulevard site operated as a branch while the Jamaica Avenue location functioned as the Main Office. Employees from Queensboro Savings Bank retained their roles under the new management.

By 1934, Jamaica Savings Bank managed over 50,000 accounts and ranked fifty-seventh among the largest savings banks nationwide. Its leadership team comprised President George S. Downing; Vice Presidents Leander B. Faber, Robert W. Higbie, and George K. Meynen; Treasurer Charles R. Doughty; Secretary G. Warren Smith; and Assistant Secretary Richard W. Reeves.

On August 27, 1938, Downing announced plans for a second branch to accommodate Jamaica’s rapid population increase driven by the Eighth Avenue subway extension and subsequent apartment construction. The Sutphin Boulevard Branch opened on April 22, 1939; it was designed by architect Morrell Smith with Theodore L. Rubsamen and Company serving as contractor. This Art Deco structure featured a relief of an American eagle above its entrance, ornamental bronze doors, a marble-lined vestibule, American walnut interior furnishings, bronze lighting fixtures, and matching carpets and draperies—reflecting the bank’s dedication to quality and community engagement.

Mid to late 20th century developments

The bank’s 1964 headquarters located on 161st Street in downtown Jamaica displayed a modern steel blue facade highlighted by a curved wall made of blue Venetian glass. Its concave entrance along with fireproof gray glazed enamel bricks, stainless steel columns, and blue mosaic panels earned architectural recognition from the Queens Chamber of Commerce. Inside the building hung a mural measuring 162 feet by 11 feet that depicted historical scenes related to Jamaica’s heritage including figures like Captain Kidd, the Muscogee tribe, and Revolutionary War General Nathaniel Woodhull. Between 1966 and 1968, a fourth branch was constructed at the intersection of 56th Avenue and Queens Boulevard in Elmhurst near Queens Place Mall. Although this building was initially designated a landmark by the New York City Landmarks Preservation Commission in June 2005, the full council ultimately declined this status in October of that same year.

Legacy

Jamaica Savings Bank served the community for close to one hundred years before being acquired by North Fork Bank in 1999, which itself was later purchased by Capital One Bank in 2008. The Sutphin Boulevard location continues to operate under the Capital One brand. The bank’s original structure earned a place on the National Register of Historic Places in 1983 and was officially recognized as a New York City Landmark in 2008. Additionally, the second branch situated on Sutphin Boulevard was granted landmark status in 2010. The third branch has since closed its doors and is now occupied by a sneaker retailer, with its mural no longer visible. Meanwhile, the Queens Boulevard branch, notable for its elongated saddle roof design from the late 1960s, currently functions as a Bank of America branch.

See also

• Jamaica Savings Bank Building (Sutphin Boulevard)
• List of New York City Designated Landmarks in Queens
• National Register of Historic Places listings in Queens County, New York

External links

• Advertisement for Jamaica Savings Bank, Sutphin Blvd. Branch
• "Streetscapes: The Old Jamaica Savings Bank; Beaux-Arts Building in Limbo", by Christopher Day, The New York Times, November 3, 1991
• 1897 and 1939 Jamaica Savings Bank Buildings (New York City Landmark Preservation Commission)