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Emigrant Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920s it had grown to become the largest savings bank in the nation.
As of December 31, 2007, Emigrant Bank and its affiliated Regional Banks* has approximately $14.3 billion in assets and more than $1 billion in net worth, operating through 35 branches in the New York metropolitan area.
As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans in New York and 19 other states. Emigrant Bank's wealth management division, New York Private Bank & Trust, has its own deposit products starting at $2,000,000. Emigrant Bank is regulated by both State and Federal regulators. All deposits are insured by the FDIC up to the legal limit.
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Emigrant Bank and Its Regional Banks
Combined Statement of Financial Condition
December 31, 2007 (000 omitted)
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| Assets |
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| Cash and due from banks |
$
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45,714
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| Money market investments |
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1,979,268
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| Securities |
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4,443,235
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| Loans receivable, net |
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7,250,636
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| Premises and equipment, net |
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116,496
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| Other assets |
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440,239
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| Total assets |
$
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14,275,588
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| Liabilities and Stockholder's Equity |
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| Deposits |
$
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12,531,949
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| Borrowed funds |
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535,000
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| Other liabilities |
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162,708
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| Total liabilities |
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13,229,657
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| Stockholder's Equity |
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1,045,931
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| Total liabilities and Stockholder's Equity |
$ |
14,275,588
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*Emigrant Savings Bank - Manhattan,
Emigrant Savings Bank - Bronx/Westchester,
Emigrant Savings Bank - Brooklyn/Queens and
Emigrant Savings Bank - Long Island,
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* * *
Since its reorganization in 1987, Emigrant Mortgage Company, Inc., a wholly-owned subsidiary, has experienced exponential growth in loan originations and has successfully established a national network.
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Emigrant Funding Corp. is a $812 million asset commercial mortgage lender with offices in NYC (Brooklyn, Manhattan, Long Island, and Yonkers), New Jersey (Edison and Cherry Hill), Massachusetts, Florida (Miami and Tampa) and Maryland. EFC specializes in providing loans collateralized by multi-family and mixed-use properties.
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Emigrant Business Credit Corp. (EBCC) provides financing for various business assets, focusing on equipment such as vehicles, aircraft, construction equipment, and manufacturing equipment.
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Emigrant Financial Services (EFS), a service of Essex National Securities and Emigrant Agency, Inc. offers investment products and life insurance from top-rated mututal fund and insurance companies.
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Emigrant Capital is a $150 million private investment firm that makes direct investments in private companies with sales between $20 million and $100 million. We partner with outstanding managers to provide equity for corporate buyouts, recapitalizations, and growth capital investments
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