Williamsburgh Savings Bank

The Williamsburgh Savings Bank, chartered in 1851, originally opened its doors to customers from a rented basement in the Town of Williamsburgh (now the Williamsburg neighborhood of Brooklyn). The bank continued to rent office space until 1875 when the first Williamsburgh Savings Bank building opened at 175 Broadway in what was then the Eastern District of the City of Brooklyn (now, also, the Williamsburg neighborhood of Brooklyn). The building, landmarked since 1966, was built following an architectural competition held by the bank to find an architect to design their headquarters. George B. Post submitted the winning design of a four-story Classical Revival style building. Post would go on to design other landmarked buildings including the Brooklyn Historical Society building.

In 1926, the Williamsburgh Savings Bank bought more property, this time in the brownstone adorned Fort Greene neighborhood of Brooklyn. On this site, the 34-story Williamsburgh Savings Bank building, located at 1 Hanson Place, was built. The skyscraper was designed by the architectural firm Halsey, McCormack, and Helmer who specialized in bank architecture. Their designs include the landmarked Emigrant Savings Bank building (originally the Dollar Savings Bank) located in the Bronx.

The Williamsburgh Savings Bank building, 1 Hanson Place was built between 1927 and 1929. Standing at 512 feet, it was the tallest building in Brooklyn until the completion of The Brooklyner condominiums (516 feet) in 2009. The now landmarked Williamsburgh Savings Bank building (since 1977) was also home to the largest four-faced clock in the world. It held this title until 1962. In 2009, the building was converted into condominiums. In 2010, the expansive ornate marbled lobby, originally the banking room, was opened to house the popular weekend market, Brooklyn Flea.

From the guide to the Williamsburgh Savings Bank account book and scrapbook, 1869-1875, 1936-1969, (Brooklyn Historical Society)

Originally established for philanthropic purposes, savings banks began emerging in the United States between 1815 and 1820, and were the fastest-growing financial institutions of the first half of the 19th century. One of the first major savings banks in New York City was the Greenwich Savings Bank, established in 1833. By 1860, savings banks had become profit-making institutions, and there were 19 savings banks operating in New York City. With their reputation for conservative management and stability, savings banks enjoyed steadily-growing deposits as the City's population and worker's incomes increased. During the Depression and World War II, savings banks were viewed as more stable than commercial banks, and after the War their long-term assets had surpassed those of commercial banks. Through a series of mergers and consolidations, the number of savings banks in New York City had substantially decreased by the early 1990s, with only about 20 savings banks remaining. Among the savings banks still operating at that time were the Dime Savings Bank, Seaman's, and Emigrant Savings Bank.

From the guide to the Brooklyn savings banks publications, 1925-1976, (Brooklyn Historical Society)

The Williamsburgh Savings Bank, chartered in 1851, originally opened its doors to customers from a rented basement in the Town of Williamsburgh (now the Williamsburg neighborhood of Brooklyn). The bank continued to rent office space until 1875 when the first Williamsburgh Savings Bank building opened at 175 Broadway in what was then the Eastern District of the City of Brooklyn (now, also, the Williamsburg neighborhood of Brooklyn). The building, landmarked since 1966, was built following an architectural competition held by the bank to find an architect to design their headquarters. George B. Post submitted the winning design of a four-story Classical Revival style building. Post would go on to design other landmarked buildings including the Brooklyn Historical Society building.

In 1926, the Williamsburgh Savings Bank bought more property, this time in the brownstone adorned Fort Greene neighborhood of Brooklyn. On this site, the 34-story Williamsburgh Savings Bank building, located at 1 Hanson Place, was built. The skyscraper was designed by the architectural firm Halsey, McCormack, and Helmer who specialized in bank architecture. Their designs include the landmarked Emigrant Savings Bank building (originally the Dollar Savings Bank) located in the Bronx.

The Williamsburgh Savings Bank building, 1 Hanson Place was built between 1927 and 1929. Standing at 512 feet, it was the tallest building in Brooklyn until the completion of The Brooklyner condominiums (516 feet) in 2009. The now landmarked Williamsburgh Savings Bank building (since 1977) was also home to the largest four-faced clock in the world. It held this title until 1962. In 2009, the building was converted into condominiums. In 2010, the expansive ornate marbled lobby, originally the banking room, was opened to house the popular weekend market, Brooklyn Flea.

From the guide to the Williamsburgh Savings Bank Building photographs and architectural drawings, Bulk, 1927-1929, 1888-2001, (Brooklyn Historical Society)