Sender Jarmulowsky
Alexander Jarmulowsky | |
|---|---|
| Born | 1840 Grajewo, Russia (present-day Poland) |
| Died | 1912 |
| Occupation(s) | Financier, banker |
| Known for | Founder of Jarmulowsky Bank in New York City |
Alexander Jarmulowsky (1840–1912), also referred to as Sender Jarmulowsky, was a Jewish financier of Russian origin who established the Jarmulowsky Bank in New York City's Lower East Side in 1873.
Life
Jarmulowsky was born in 1840 in Grajewo, Russia (present-day Poland), to Moszko Jarmulowsky and Fejga Zeligson. Orphaned at an early age, he was brought up by the Rabbi of Werblow. He pursued religious studies at the Volozhin Yeshiva and received rabbinical ordination.
In 1868, he relocated to Hamburg where he launched a shipping enterprise focused on selling passage tickets. Five years later, in 1873, he settled in New York City and founded his banking institution at the intersection of Canal and Mott Street. Catering mainly to Eastern European Jewish immigrants who were often neglected by major banks, his firm provided financial services such as deposit accounts, loans, and steamship ticket sales, drawing upon his prior experience in Hamburg.
Besides his banking career, Jarmulowsky was the inaugural president of the Eldridge Street Synagogue, contributing to the financing of its 1887 construction. He also held a position on the executive board of the New York Kehillah, representing the interests of Eastern European Jewish communities.
The success of his bank enabled the commissioning of the Jarmulowsky Bank Building in 1912. Although his business operations were centered on the Lower East Side, he moved uptown in 1889, first residing on East 60th Street and later at 16 East 93rd Street, close to the residence of Felix Warburg, which is now occupied by the Jewish Museum.
Legacy
In his autobiographical writings, Louis Lipsky highlighted Jarmulowsky's enduring influence among Eastern European Jews in New York, referring to him as "the man who freed them on the soil of the United States."
Upon his passing in 1912, Jarmulowsky's estate was appraised at around $500,000, a figure lower than earlier estimates. The bank's leadership passed to his sons Meyer and Louis Jarmulowsky. During World War I in 1917, as clients attempted to withdraw funds for remittances abroad, the bank faced liquidity problems due to significant investments in Harlem real estate. Notably, Meyer had financed the development of Harlem's Lafayette Theater in 1912. The ensuing run on deposits triggered unrest and a riot; subsequently, Meyer and Louis were charged with banking fraud, resulting in the closure of Jarmulowsky Bank.