The article below discusses the Emigrant Savings Bank providing a summary of its history in the US as well as an overview of its banking services.
History of the Emigrant Savings Bank
The Emigrant Savings Bank was founded as a mutual savings bank in 1841 by a group of Irish immigrants to the US. Emigrant is New York City’s oldest savings bank as well as the biggest privately owned bank in the United States.
The Emigrant Bank has 35 branches, all located in the New York metropolitan area in 2007, with assets of apparently more than US$14.3 billion. It is well-known for a particular account product called Dollar Savings Direct that purports to offer an apparently relatively high floating interest rate. However, this account requires a not insubstantial US$1,000 minimum deposit.
Emigrant Savings Bank’s Other Offerings
Emigrant Savings Bank, although a traditional savings bank, offers more services through a mortgage company, namely the Emigrant Mortgage Company, which is apparently licensed to make home loans in seven states including New York. The company also operates a wealth management service known as New York Private Bank and Trust, having deposits of more than $2 million. Emergent Bank is regulated through both the state and federal governments and all deposits are insured up to the legal limit by the Federal Deposit Insurance Corporation.
There were 18 members of the Irish Emigrant Society that founded the bank in 1850 with the sole goal toward serving the financial needs of the immigrant community in New York City. By 1986, the Emigrant Savings Bank changed to a stock savings bank precipitated by years of loss due to apparently unfavorable financial environments. The company launched a virtual bank called Emigrant Direct in 2005 making its online presence much larger.
Emigrant Bank Services
The Emigrant Savings Bank offers traditional personal banking services that include checking accounts where customers can write a few checks a month or accounts where there is a need for unlimited check writing allowing individuals to choose which one best suits their personal needs. Savings products include certificates of deposit (CDs) that are purported to guarantee to increase the customer’s savings investments as well as a variety of other products such as money market accounts.
Additionally, individuals can apparently benefit from the use of low-cost easy to borrow passbook loans, as well as applying through the company’s mortgage affiliate, Emigrant Mortgage Company, that provides individuals with many different ways to finance, refinance or even tap into the equity of one’s own home. Savings for retirement services are also available with tax saving products like traditional Roth or Education IRAs. Emigrant Savings Bank customers can also enjoy the low rates and many financial rewards that come with using the Emigrant Visa card while a Visa debit or check card provides an alternative to credit card use accepted anywhere in the world. Access to account information is available to customers through either phone or Internet contact 24 hours a day/7 days per week.
Commercial Emigrant Bank
Although Emigrant Bank is noteworthy for its high degree of personal financial product availability and customer service, the company also prides itself in the development of business and commercial financial products as well. Emigrant’’s commercial checking accounts provide competitive fees along with personal attention and all that quality service you are going to expect from your neighborhood bank. Among the Emigrant Savings Bank’s noted commercial services is Lease Security Deposits accounts that are designed as simplified no bookkeeping products for real estate professionals. Additional business related financial products include the establishment of employer pension plans for both self-employed and small business owners. Also, Emigrant Bank provides a full range of business financing as well as the Emigrant Bank Business Visa credit card.
Contact the Emigrant Savings Bank directly for details of its latest banking products and services.