Emigrant Bank
Headquarters:
5 East 42nd Street
New York, NY 10017
Employees: 1,200
CEO: Howard Milstein
Website: http://www.emigrant.com
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 $13.8 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 35 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.
Subsidiaries include Emigrant Funding Corp,
Emigrant Business Credit, Emigrant Capital and American Property
Financing.
Emigrant Bank's wealth management division,
New York Private Bank & Trust, has its own deposit products
starting at $2,000,000.
As a traditional savings bank, Emigrant
originates home loans in 39 states. In 2006, Emigrant's
loan volume was $5.0 billion. Emigrant and its regional banks
have 650,000 accounts and 20,000 home loans.
In January 2005, the bank launched an online
unit called Emigrant Direct. Customers can receive interest rates
for their money at a current rate of 3.6%, one of the highest
money-market rates available in the country. The account is called
"American Dream" and can only be accessed online. Emigrant
has launched a significant advertising campaign to build awareness
and has increased the savings rate several times due to competition
from other online services. Certificates of deposit are available
at 3.50% for one year.
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