The Manhattan Savings Institution was opened in 1851 in New York City, USA. In 1942, it merged with others to form the Manhattan Savings Bank. In 1990, the Manhattan Savings Bank was acquired by Republic New York Corporation. It was merged with another of Republic’s subsidiaries – the Williamsburgh Savings Bank – with the combined business taking the Manhattan name. Republic was acquired by HSBC in 1999, and merged into HSBC Bank USA.
The Manhattan Savings Institution opened for business on 26 March 1851. The company operated as a mutual saving institution, overseen by a board of public-spirited trustees. It aimed to provide a secure place for working and middle class people to deposit their money, and USD397,000 was received in the first year. The first President was Ambrose C. Kingsland, then mayor of New York City.
The bank’s office was located at 648 Broadway in the Bowery neighbourhood. In 1855, the firm moved to larger quarters at 644 Broadway. It subsequently acquired this property, and an eight story skyscraper was built on the site in 1891. That office was converted into a branch when head office operations moved to 154 East 86th Street in 1924.
By 1941, the Manhattan Savings Institution had deposits of USD37 million. The following year, it merged with the Metropolitan Savings Bank and Citizens Savings Bank to form the Manhattan Savings Bank, giving the institution total assets of USD100 million. Huge crowds gathered to witness the grand opening of new head office premises at 385 Madison Avenue in 1952. The firm acquired the Yonkers Savings Bank in 1977, before being acquired by Republic New York Corporation in 1990.
