Emigrant Bank has a rich heritage dating back to 1850, when it was founded by Irish immigrants as a mutual saving bank to serve the financial needs of a growing America and dynamic immigrant population.
The roots of Emigrant Savings Bank began on September 30, 1850 when its founders leased a small building at 51 Chambers Street. That day, Emigrant Savings Bank was open for business and received its first deposits. Within a very short period of time, Emigrant Savings Bank was the seventh largest bank in the country, with assets exceeding 1.3 million dollars. In its effort to support New York City, the Bank invested significant funds back into the community by underwriting construction loans for two transformational and visionary projects: Saint Patrick's Cathedral and a public works project that later became Central Park.
This commitment to community, the city in which we were founded, and the customers we serve enabled the bank to expand its operation, establish trust with its depositors by providing consistent returns on deposits, and build its reputation as a sound and responsible financial institution. Over the next century, Emigrant endured the severe tests of the Great Depression and other economic crises -- which toppled innumerable commercial banks -- only to emerge stronger and growing, thanks to the wisdom and prudent guidance of the Trustees at its helm.
In the following five decades, Emigrant Savings Bank solidified our position in the banking industry as the largest private bank in the country. 1986 marked a significant date for Emigrant Savings Bank when the Milstein family saved the bank during the last financial crisis. Under the guidance of Howard P. Milstein, Emigrant continues to be the largest privately held bank in the country and has been fortified and strengthened for the future.
Through 16 decades of financial market fluctuations, wars and recessions, Emigrant has ensured the safety and protection of its depositors. Emigrant has helped millions of customers realize their dreams and ambitions and is acclaimed for servicing the credit and banking needs of the New York community for over 160 years.