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Emigrant Bank

Headquarters: 5 East 42nd Street
New York, NY 10017
Employees: 1,200
CEO: Howard Milstein

Career Site

Emigrant Savings Bank, founded in 1850, is the oldest savings bank in New York City operating under its original name. The Bank was established by immigrants for immigrants.

With assets of $15.4 billion, Emigrant has grown to be one of the leading retail financial institutions in the New York metropolitan area, servicing the banking needs of customers with 34 branches throughout Manhattan, Queens, Brooklyn, Bronx, Long Island and Westchester. Other core businesses include various lending subsidiaries that cover residential mortgages, mixed use, multi-family loans and commercial real estate.

As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans in New York and 7 other states.

Emigrant Bank's wealth management division, New York Private Bank & Trust, has its own deposit products starting at $2,000,000.

In January 2005, the bank launched an online unit called Emigrant Direct. Customers can receive interest on their money at a current rate of 0.9%. The account is called "American Dream" and can only be accessed online. Certificates of deposit are available with a rate of 2.0% for terms of 5 years or more.


Benefits range from medical insurance to company-paid dental and life insurance, along with both a pension and a company-matched 401(k) savings incentive plan. The company also provides pre-tax savings plans for health and childcare expenses, incentive bonuses, discounted mortgages, and free banking services to employees.

Updated February 27, 2011


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