Emigrant Savings Bank

6 East 43d Street, Manhattan
Former Emigrant Industrial Savings Bank on Chambers Street 51

Emigrant Savings Bank is the oldest savings bank in New York City and the largest privately owned bank in the country. As of December 2007, Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion.[1] It also offers an account called Dollar Savings Direct, which offers a relatively high floating interest rate but requires a $1,000 minimum deposit.

As of September 2011, the current annual percentage yield for Emigrant Direct's American Dream Savings Account is 0.7%.[2]



The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York.[1] The headquarters used to be at the Former Emigrant Industrial Savings Bank on Chambers Street. 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.[3]

In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank Emigrant Direct in 2005.


The Milstein family owns the bank; they are on the Forbes list of the 400 richest American families.[4] Howard Milstein is Chairman, President & Chief Executive Officer of Emigrant Savings Bank.


External links

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