History and Banking Innovations
The bank was founded as Franklin Square National Bank in 1926 (but changed its name to Franklin National Bank in 1947). Arthur T. Roth joined the bank in 1934 as head teller and became president in 1946. Under his leadership, Franklin National Bank introduced many banking innovations, such as:
- Junior savings accounts (1947)
- The drive up teller window (1950)
- The bank credit card (1951)
- A no-smoking policy on banking floors (1958)
- Installed outdoor teller machines at branch banks (1968)
- Franklin Savings Bond which later developed into the Certificate of Deposit. (1969)
In 1964, Franklin opened branch offices in New York City, and in 1967 merged with Federation Bank & Trust Company. In 1968, Roth was removed as CEO by his protégé, Harold Gleason, after an alleged conflict of interest real estate scandal involving Donald Roth and the proposed airfield development at Calverton, NY (see Newsday). In 1970, Roth lost his position as Chairman and was pushed off the board of directors in favor of an influential future promised by Michele Sindona. Gleason then became Chairman and Chief Executive Officer, inviting Laurence Tisch to join as Vice Chairman as he was a 22% shareholder.
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“By such innovations are languages enriched, when the words are adopted by the multitude, and naturalized by custom.”
—Miguel De Cervantes (1547–1616)