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.
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Sources:
- Shull, Bernard. "Savings Banks," in
The Encyclopedia of New York City, ed. Kenneth T. Jackson (New Haven, Conn.: Yale University Press; New York: New York Historical Society, c1995), 1045.
From the guide to the Brooklyn savings banks publications, 1925-1976, (Brooklyn Historical Society)
