Former Emigrant Industrial Savings Bank

History and architecture

The 17-story Emigrant Industrial Savings Bank was constructed between 1909 and 1912, and was the third bank built on the site for the same expanding organization. Designed by architect Raymond F. Almirall, who trained at the Ecole des Beaux-Arts in Paris, the building is well conceived and richly decorated, reflect-ing contemporary architectural trends towards neoclassicism in skyscrapers. The pioneering "H"-plan of the Emigrant represents an important phase in the develop-ment of the early skyscraper, resolving problems of interior lighting with simplicity and with dignity.

The Emigrant Industrial Savings Bank was incorporated in 1850. Organized under the auspices of Bishop John Hughes and the Irish Emigrant Society, it was intended to protect the savings of newly-arrived immigrants (particularly those from Ireland) from unscrupulous people who might take advantage of their inexperience. The Bank opened in leased property at 51 Chambers Street in October, 1850 and under good management prospered and proved itself sound.

New quarters were erected on the site of the old building in 1858. The Bank continued to grow and successfully weathered the financial panic of 1873 when several other financial institutions failed. During this period, the Bank's Board of Trustees pursued a prudent course, and'by selling United States Bonds, requiring written notice for withdrawal of deposits, and even lending the Bank money from their own pockets they were able to keep the Bank sound.1 By the end of 1873, the crisis was over and confidence restored.

Business grew to such an extent that by 1882 the Eank had outgrown its space and more room was needed for banking operations. The property at 49 Chambers Street, extending through to Reade Street, was purchased. An eight-story, fireproof bank and office building designed by William H. Hume and Little & O'Conner was erected on the site in 1885-87. The building was faced with granite with a rusticated base and a mansard roof. A large central entrance opened onto the banking room which extended the full depth of the building, from Chambers Street to Reade Street.

The continued expansion of the bank's operations through the years required the addition of even more space. In 1907 the lank bought the adjoining property at 43 to 47 Chambers Street through to 21 to 25 Reade Street, and Raymond F. Almirall was employed to design a new building for the entire ex-panded lot.