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Dime Savings Bank of New York

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Not to be confused with Dime Savings Bank of Williamsburgh.
Dime Bancorp, Inc.
Dime Savings Bank of New York
NYSE: DME
IndustryBank holding company
Founded1859; 165 years ago (1859)
DefunctJanuary 8, 2002; 22 years ago (2002-01-08)
FateAcquired by Washington Mutual and rebranded all of its locations to Washington Mutual banks
SuccessorWashington Mutual, JPMorgan Chase
HeadquartersBrooklyn
ProductsFinancial services
Websitearchived official website

The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.

The bank was formerly headquartered at 9 DeKalb Avenue, built in 1906–08 in Downtown Brooklyn. Dime was acquired by Washington Mutual in 2002, which subsequently failed in 2008 and was acquired by JPMorgan Chase, which currently owns all former Dime assets.

History

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The Dime Savings Bank of Brooklyn was chartered in 1859; its name referenced the fact that clients could originally create an account with as little as a dime.[1][2] The bank's home office moved several times in the late 19th century as the city of Brooklyn grew.[2][3] By the 1900s, Brooklyn was part of the City of Greater New York, and transportation and businesses were expanding into the area east of Brooklyn Borough Hall (including what is now Albee Square).[2] A new home-office building for the Dime Savings Bank at DeKalb Avenue and Fleet Street was announced in September 1905.[4] The Dime Savings Bank moved to its DeKalb Avenue building on December 19, 1908.[5][6]

1912 postcard of 9 DeKalb Avenue

In July 1994, Dime Bancorp announced the pending acquisition of the Hewlett, New York-based Anchor Bancorp with its Anchor Savings Bank, FSB subsidiary for $1.2 billion in stock.[7][8] The acquisition was completed in January 1995.[9] The merger resulted in a newly combined company with 76 branches in New York, 18 in New Jersey and 5 in Florida.

In September 1999, Hudson United Bancorp and Dime Bancorp announced a merger of equals that was worth $2 billion in stock.[10] But before the merger could be implemented, North Fork Bancorporation initiated a hostile takeover attempt of Dime in March 2000.[11] Since Dime was preoccupied with defending itself against North Fork, Dime and Hudson United decided to terminate their merger agreement in April.[12][13] North Fork finally gave up in September 2000 after spending several months filling lawsuits against Dime and defending itself against counter lawsuits that were filed by Dime.[14] (Hudson United would eventually be acquired by TD Banknorth in 2005,[15] while North Fork would be acquired by Capital One shortly thereafter.[16])

In June 2001, Washington Mutual announced the pending acquisition of Dime Bancorp for $5.2 billion in cash and stock.[17][18] The acquisition was completed in January 2002.[19] At the time of its acquisition, Dime had 123 branch offices in the New York City area in the states of New York and New Jersey.[20] Washington Mutual subsequently failed in 2008. Dime was included in the assets that were sold to JPMorgan Chase by the Federal Deposit Insurance Corporation after Washington Mutual was seized and placed in receivership.[21]

In 2016, Charney Companies purchased the bank's original site for $80 million.[22] Charney Co. later announced in 2018 that the firm, along with Tavros Capital Partners, would restore the bank's original neoclassical architecture as well as construct a 22-story residential tower adjacent to the bank.[23] The project was completed in 2020.[24] The Dime is also home to the largest publicly accessible EV charging hub in New York, run by Revel.[25]

Headquarters

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Main article: The Brooklyn Tower § Dime Savings Bank

The bank's headquarters at 9 DeKalb Avenue were built in 1906–08 and were designed by Mowbray and Uffinger. It was significantly enlarged by Halsey, McCormack and Helmer in 1931–32. The headquarters is a New York City designated landmark.[26] In December 2015, developers Michael Stern and Joe Chetrit closed on a $90 million purchase of the Dime Savings Bank headquarters. They planned to incorporate the structure into The Brooklyn Tower (then-known as 9 Dekalb Avenue). Construction of the tower's superstructure began in 2018, and was completed in 2022, becoming the tallest building in Brooklyn and the tallest outside of Manhattan.[27][28][29][30]

References

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Notes

  1. ^ Diamonstein-Spielvogel, Barbaralee (2011). The Landmarks of New York (5th ed.). Albany, New York: State University of New York Press. p. 464. ISBN 978-1-4384-3769-9.
  2. ^ a b c Dime Savings Bank (PDF) (Report). New York City Landmarks Preservation Commission. July 19, 1994. p. 3.
  3. ^ "Brooklyn Dime Savings Bank Now 6Th in Size in Mutual List". New York Herald Tribune. June 1, 1939. p. 31. ProQuest 1248285928.
  4. ^ "Take Devlin Liabilities; Wall Street Syndicate to Pay $4,000,000 For Topeka Bank Assets". The New York Times. September 15, 1905. ISSN 0362-4331. Archived from the original on December 20, 2021. Retrieved December 20, 2021.
  5. ^ "City Bank Moves to Its New Home: $70,000,000 Cash and $500,000,000 Securities Transferred Without the Slightest Hitch". The New York Times. December 20, 1908. p. 3. ISSN 0362-4331. ProQuest 96796221.
  6. ^ "The New Building of the Dime Savings Bank". The Independent ... Devoted to the Consideration of Politics, Social and Economic Tendencies, History, Literature, and the Art. Vol. 65, no. 3134. December 24, 1908. p. 1580. ProQuest 90521241.
  7. ^ "Getting together: Dime Bancorp Inc. and Anchor Bancorp..." Chicago Tribune. July 6, 1994.
  8. ^ Hansell, Saul (July 7, 1994). "Dime and Anchor Plan a Merger To Form No. 4 U.S. Savings Bank". The New York Times.
  9. ^ "Dime Bancorp And Anchor Bancorp Complete Merger". Business Wire (Press release). January 13, 1995 – via The Free Library.
  10. ^ Gosselin, Kenneth R. (September 16, 1999). "Hudson United, Dime Bancorp To Merge". Hartford Courant.
  11. ^ Johnston, David Cay (March 6, 2000). "Long Island Holding Company Makes Offer for Dime Bancorp". The New York Times.
  12. ^ "Dime-Hudson United Terminate Merger Agreement". PR Newswire (Press release). April 28, 2000.
  13. ^ "Dime/Hudson merger off: Banks cancel $1.5 billion stock deal in wake of North Fork hostile bid". CNN. April 28, 2000.
  14. ^ Tharp, Paul (September 29, 2000). "North Fork Drops Hostile Dime Bid". New York Post.
  15. ^ Perry, Jessica (July 12, 2005). "TD Banknorth to Buy Hudson United for 1.9 Billion". NJBIZ. Retrieved January 31, 2024.
  16. ^ Dash, Eric (March 13, 2006). "Capital One to Buy North Fork for $14.6 Billion". The New York Times. ISSN 0362-4331. Retrieved January 31, 2024.
  17. ^ "Dime Bancorp Bought by Nation's Largest S.& L." The New York Times. June 26, 2001.
  18. ^ "Giant thrift to acquire Dime Bancorp". Chicago Tribune. June 26, 2001.
  19. ^ "Business Briefs: WaMu wraps up purchase of N.Y.-based Dime Bancorp". Seattle Times. January 8, 2002. p. F2. Washington Mutual completed its $5.2 billion cash and stock purchase of Dime Bancorp, giving the largest U.S. savings and loan an entry into the New York market. By purchasing Dime, Seattle-based Washington Mutual gains more than 120 branches in New York and New Jersey.
  20. ^ "Leading Thrift to Buy Northeast's Dime Bancorp: Financial services: Washington Mutual agrees to acquire New York company for $5.3 billion in stock, cash". Los Angeles Times. June 25, 2001. Dime had $14 billion of deposits in New York and New Jersey at the end of last year.
  21. ^ Dash, Eric (September 25, 2008). "Washington Mutual may be on block". The New York Times. ISSN 0362-4331. Retrieved July 24, 2022.
  22. ^ Rebecca Baird-Remba (July 27, 2016). "Charney Plans A 22-Story Mixed-Use Tower At 263 South 5th Street, Williamsburg". New York IMBY. Retrieved June 6, 2024.
  23. ^ Andrew Nelson (March 7, 2018). "LPC Approves Dime Savings Bank Of Williamsburgh's Rebirth As Foundation Work Begins For 209 Havemeyer Street, Williamsburg". New York IMBY. Retrieved June 6, 2024.
  24. ^ Devin Gannon (May 19, 2020). "Leasing launches at Williamsburg's historic Dime Savings Bank, rentals from $3,000/month". 6sqft. Retrieved June 23, 2024.
  25. ^ SEBASTIAN MORRIS (May 5, 2023). "Revel Opens New York's Largest Ultra-Fast Electric Vehicle Charging Hub At 'The Dime' In Williamsburg, Brooklyn". IMBY. Retrieved June 23, 2024.
  26. ^ White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. ISBN 978-0-19538-386-7. p.588
  27. ^ Geiger, Daniel (December 23, 2015). "Developers close deal that allows Brooklyn's tallest tower". Crains New York. Retrieved February 18, 2016.
  28. ^ "73-Story Tower Would Be Brooklyn's Tallest by Far". The New York Times. February 17, 2016. ISSN 0362-4331. Retrieved May 9, 2018.
  29. ^ York, Untapped New (March 20, 2023). "Go Inside Brooklyn Tower, Brooklyn's Tallest Building". Untapped New York. Retrieved August 5, 2023.
  30. ^ "New York's First Supertall Tower Outside Manhattan Rises in Brooklyn (Published 2022)". March 9, 2022. Retrieved August 5, 2023.
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