Emigrant Bank

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.

An 1880 illustration of Irish depositors at Emigrant Savings Bank withdrawing money to send to their suffering relatives in Ireland

History

The bank was founded in 1850 by 18 members of the Irish Emigrant Society, with the support of Archbishop John Hughes,^[3][4] with 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]

Howard Milstein is chairman, president, and chief executive officer of New York Private Bank & Trust, the bank holding company for Emigrant Bank. He has run the bank since 2004.^[9]

Due to the 2008 financial crisis, Emigrant Bank sold 30 of its branches to Apple Bank in 2012.^[10] Two branches were retained, one in midtown Manhattan and one in Ossining, New York.^[11]

In 2016, a Brooklyn jury found Emigrant Bank to have targeted minorities with predatory mortgages with rates of up to 18 percent.^[12]

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