North Fork Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | Mattituck Bank, First National Bank of Cutchogue, Southold Savings Bank |
| Founded | 1950 |
| Defunct | 2008 |
| Fate | Acquired by Capital One Bank and integrated into Capital One |
| Headquarters | Melville, New York , United States |
Area served | New York metropolitan area |
Key people | John Kanas (founder and CEO) |
| Products | Commercial banking services, mortgage lending (via GreenPoint Mortgage) |
North Fork Bank operated from 1950 until it was acquired by Capital One Bank in 2008, after which it was integrated into Capital One. By late 2007, the bank had established a network of 365 branches throughout the New York metropolitan area.
History
The foundation of North Fork Bank can be traced back to a series of bank consolidations on the North Fork, Suffolk County, New York, beginning with Southold Savings Bank located in Southold, New York. The institution recognizes its origins as early as 1905 with the establishment of Mattituck Bank in Mattituck, New York, which played a significant role in its early development.
In 1950, the creation of North Fork Bank & Trust Company resulted from the merger between Mattituck Bank and First National Bank of Cutchogue. The holding company North Fork Bancorporation was formed in 1980, and Southold Savings was incorporated into the group in 1988.
Throughout the 1990s, North Fork aggressively expanded its presence within the New York City market by acquiring several regional banks.
At the time of its acquisition, North Fork operated more than 350 branches in the New York metropolitan region and managed assets totaling nearly $60 billion. The bank primarily focused on commercial banking services. John Kanas, who founded the corporation in 1980 and served as CEO, transitioned to Capital One following the acquisition but resigned from his position as head of Capital One's banking division in 2007.
A significant incident involving North Fork was its reporting of suspicious financial activities linked to then-New York Governor Eliot Spitzer, which initiated a criminal probe culminating in Spitzer’s resignation in March 2008.
GreenPoint Mortgage
In 2005, North Fork Bank expanded its portfolio by acquiring GreenPoint Finance Corp, recognized as an early pioneer in Alt-A mortgage lending. This entity became part of Capital One’s holdings after it acquired North Fork. During August 2007, amid challenges posed by the subprime mortgage crisis, Capital One announced it would shut down GreenPoint Mortgage due to difficulties in offloading loans on secondary markets. By November 2017, Capital One had completely withdrawn from mortgage lending activities.
Capital One's acquisition of GreenPoint and its headquarters in Melville, New York, for $14.6 billion represented only its second bank purchase and played a crucial role in its retail banking growth during 2005-06. On March 10, 2008, all North Fork Bank branches were rebranded under the Capital One name.
Additionally, North Fork held sponsorship naming rights for the North Fork Theatre at Westbury (previously known as Westbury Music Fair) located in Jericho, New York.