| Seamen's Savings Bank | |
| Type: | Public |
| Fate: | Seized by the U.S. government |
| Successor: | Chase Bank |
| Location: | New York City, U.S. |
| Industry: | Banking |
| Products: | Savings accounts, checking accounts, certificates of deposit, IRA accounts |
| Assets: | $2.1 billion (1990) |
Seamen's Savings Bank was a bank in the United States that served people in the maritime industry, especially seamen. It was founded in 1829 and operated until 1990, when it was seized by the U.S. Government for being insolvent and its assets were sold to Chase Bank.
The bank was chartered on May 11, 1829, in New York City, as a mutual savings bank for the benefit of seamen and their families. It was one of the oldest savings banks in the country and the first to be established in New York City. The bank's first president was Pelatiah Perit, a prominent merchant and philanthropist.[1]
The bank survived several financial crises, including the Panic of 1857, when there was a run on the bank by depositors. The bank was able to pay all its obligations and maintain its reputation.[2] The bank also supported various charitable causes related to seamen, such as the Sailors' Snug Harbor and the Seamen's Church Institute of New York and New Jersey.[2]
The bank moved its headquarters several times, but always remained in the financial district of New York City. In 1926, the bank built a new building at 74 Wall Street, designed by architect Marc Eidlitz. The site is believed to have been the location of New York City's slave market in the 18th century. The bank building features an archway adorned with maritime-themed ornamentation, including ships and mermaids.[3] The building is now a National Register-listed landmark.[4]
The bank converted to a federal charter in 1983 and went public in December 1985. It expanded its services and customer base beyond the maritime sector, offering various deposit and loan products. It also opened 13 branches in Manhattan, Westchester, Nassau and Suffolk counties.[5]
However, the bank suffered losses from bad loans and investments, and failed to meet the capital requirements set by the Federal Deposit Insurance Corporation (FDIC). On April 18, 1990, the bank was seized by the U.S. Government for being insolvent. The FDIC sold the bank's assets and liabilities to Chase Bank, which assumed the bank's deposits and branches. The bank had $2.1 billion in assets and 170,000 depositors at the time of its closure.[6]
The bank published several books and pamphlets related to its history and services, such as:
The bank offered various collectibles and memorabilia to its customers and the public, such as: