History
The Greenwich Savings Bank was chartered in 1833 in New York City. At its height, it had branches in New York City, Nassau County and Suffolk County with $2.1 billion in assets.
By the time of bank deregulation in 1980, the bank started having big losses. In 1981, the Federal Deposit Insurance Corporation (FDIC) and the New York State Banking Department sought buyers for the bank. In October of that year, a participant in a meeting about possible buyers left material on the meeting table. This information was given to The New York Times, which printed the story.
In its final three days the bank lost $500 million in deposits out of its total of $1.5 billion due to a run on the bank. At the end of the third day the New York State Banking Department closed the bank, naming the FDIC as receiver. That same day Metropolitan Savings Bank of Brooklyn (now part of HSBC Bank USA) was named the new owner of the bank accounts.
Read more about this topic: Greenwich Savings Bank
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“All history is a record of the power of minorities, and of minorities of one.”
—Ralph Waldo Emerson (1803–1882)