Emigrant Bank (formerly Emigrant Savings Bank) is a private American financial institution. It was the ninth-largest privately-owned bank in the United States in 2012, with assets of $8.1 billion.^[1] As of June 2021, it has assets of $5.75 billion, and is ranked 244th in asset size among all banks in the United States.^[2] Emigrant Bank has several online-only divisions including Emigrant Direct and Dollar Savings Direct.

History

The bank was founded in 1850 by 18 members of the Irish Emigrant Society, with the support of Archbishop John Hughes,^[3][4] purposed of the goal of serving the needs of the Irish community in New York City.^[5] The headquarters was located at on 49 Chambers Street in Manhattan.^{[citation needed]}

Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.^[6] Emigrant Savings Bank also had customers from numerous other immigrant communities, including those from Eastern and Northern Europe. In 1986, the Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of losses.^{[citation needed]}

On September 10, 2003, Emigrant Bank, in conjunction with the private equity firm The Courtney Group, acquired the Boylan Bottling Company. It represented the first transaction in the beverages sector for the two purchasers, and their first in New Jersey, which at the time was the home of Boylan's Teterboro headquarters.^[7] As part of the deal, Emigrant Capital executive-in-residence Val Stalowir joined Boylan’s board of directors.^[8]

Owners

Howard Milstein is Chairman, President & Chief Executive Officer of New York Private Bank & Trust, the bank holding company for Emigrant Bank.^[when?] In July 2012, the sale of 30 branches to Apple Bank was announced. Two branches were retained in Manhattan and in Westchester County, New York.^[9]

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