Dime Savings Bank of New York

Dime Savings Bank of New York was a historic American savings institution headquartered in Brooklyn, New York City. Chartered in 1859 as the Dime Savings Bank of Brooklyn, it took its name from the unusually low minimum needed to open an account: one dime. The institution was created to serve ordinary savers and developed around the traditional savings-bank model, accepting deposits and providing mortgage and other consumer-oriented banking services. As Brooklyn grew during the late nineteenth and early twentieth centuries, Dime moved between locations before establishing a major home office in Downtown Brooklyn. Its landmark headquarters at 9 DeKalb Avenue was designed by Mowbray and Uffinger and constructed between 1906 and 1908. The building was later enlarged in 1931–1932 and became an important architectural and civic landmark in Brooklyn. The bank’s location reflected the growing commercial importance of the area around Brooklyn Borough Hall and the expansion of transportation and business activity in the borough. Dime later operated through a corporate structure commonly identified with Dime Bancorp. Its regional footprint expanded beyond Brooklyn and New York City through acquisitions and branch growth. In 1994, Dime Bancorp announced the acquisition of Anchor Bancorp, the parent of Anchor Savings Bank, a transaction completed in January 1995. The combination produced a network of branches in New York, New Jersey, and Florida. During the late 1990s and early 2000s, Dime became involved in a series of strategic and legal contests involving larger banking organizations. A proposed merger of equals with Hudson United Bancorp was announced in 1999 but was terminated after North Fork Bancorporation launched a hostile takeover effort against Dime. Dime’s independent existence ended after Washington Mutual announced its acquisition of Dime Bancorp in June 2001. The transaction, valued at approximately $5.2 billion in cash and stock according to contemporary descriptions, was completed in January 2002. At that time, Dime had 123 branches in the New York City area across New York and New Jersey. The Dime name and operations were subsequently incorporated into Washington Mutual rather than continuing as an independent bank. Washington Mutual was seized and placed into receivership in 2008. The Federal Deposit Insurance Corporation arranged the sale of Washington Mutual’s banking assets to JPMorgan Chase, and former Dime assets were included in that transfer. Accordingly, Dime Savings Bank of New York is a defunct banking brand rather than an active standalone institution. The former DeKalb Avenue headquarters continued to have a post-bank life. Developers acquired the property during the 2010s and incorporated the historic bank structure into a larger mixed-use development that became The Brooklyn Tower. Restoration and adjacent tower construction were completed in the early 2020s. The site also became associated with a publicly accessible electric-vehicle charging hub operated by Revel. These later real-estate and infrastructure uses preserve the physical presence of Dime’s most recognizable headquarters even though the bank itself no longer operates.

Dime Savings Bank of New York began in 1859 as the Dime Savings Bank of Brooklyn. Its name reflected the institution’s original accessibility: a customer could open an account with as little as ten cents. The bank was established during a period when savings institutions were intended to encourage thrift among working households and other small depositors. Its core activities centered on deposit-taking, savings products, mortgage lending, and related retail banking services. The bank’s early offices changed as Brooklyn expanded. By the beginning of the twentieth century, Brooklyn’s incorporation into the City of Greater New York and the growth of transportation and commercial activity created demand for a more substantial central headquarters. A new building at DeKalb Avenue and Fleet Street was announced in 1905. Dime moved into the completed building on December 19, 1908. Designed by Mowbray and Uffinger, the neoclassical structure was later expanded in 1931–1932 by Halsey, McCormack and Helmer. It became a designated New York City landmark and remained the institution’s most visible architectural legacy. In the later twentieth century, Dime developed into a larger regional banking organization. Its corporate activities were associated with Dime Bancorp, and its growth increasingly involved acquisitions. In 1994, Dime Bancorp agreed to acquire Anchor Bancorp of Hewlett, New York, the parent of Anchor Savings Bank. Completed in January 1995, the transaction created a combined branch network in New York, New Jersey, and Florida. This expansion reflected the consolidation of the U.S. thrift and savings-bank sector, in which institutions sought greater scale and geographic reach. Dime then became involved in an unsuccessful sequence of merger and takeover discussions. In September 1999, Dime Bancorp and Hudson United Bancorp announced a merger of equals valued at about $2 billion in stock. Before the transaction could be completed, North Fork Bancorporation launched a hostile takeover attempt in March 2000. Dime focused on resisting North Fork, and the Dime–Hudson United agreement was terminated in April. North Fork eventually abandoned its effort in September after litigation between the parties. Washington Mutual offered a different route for Dime. In June 2001, Washington Mutual announced that it would acquire Dime Bancorp in a cash-and-stock transaction valued at approximately $5.2 billion. The acquisition closed in January 2002. Dime had 123 branches in the New York City area in New York and New Jersey when it was acquired. The transaction ended Dime’s existence as an independent banking institution and folded its customer-facing operations into Washington Mutual. The successor institution did not remain independent indefinitely. In 2008, Washington Mutual was seized and placed into receivership during the financial crisis. The FDIC sold Washington Mutual’s banking assets to JPMorgan Chase, and assets formerly associated with Dime were included in that transfer. Dime therefore became a historical brand whose banking operations continued through successor institutions rather than under its original name. The DeKalb Avenue property remained significant after the bank’s disappearance. During the 2010s, the former headquarters and its surrounding site were acquired for redevelopment. Plans called for restoration of the historic neoclassical bank building and construction of a residential tower next to it. The resulting project, known as The Brooklyn Tower, preserved the former bank structure as part of a larger mixed-use development. The site later also became associated with a large publicly accessible electric-vehicle charging facility operated by Revel. The building’s continued public presence provides a tangible link to Dime’s Brooklyn history, even though the bank operated only from 1859 to 2002.

1. 2020Historic bank structure incorporated into redevelopment

   Restoration and redevelopment work transforms the former headquarters site as part of a mixed-use project while retaining the historic bank building.

   Source
2. 2008Former Dime assets transfer to JPMorgan Chase

   Following Washington Mutual’s seizure, the FDIC facilitates a sale of its banking assets to JPMorgan Chase, including assets formerly associated with Dime.

   Source
3. 2002Washington Mutual acquisition ends Dime’s independence

   Washington Mutual completes its acquisition of Dime Bancorp, ending Dime Savings Bank of New York’s operation as an independent institution.

   Source
4. 2000North Fork abandons takeover attempt

   After a contested takeover campaign and related lawsuits, North Fork ends its effort to acquire Dime.

   Source
5. 1995Anchor Bancorp acquisition completed

   Dime completes its acquisition of Anchor Bancorp, expanding its branch presence across New York, New Jersey, and Florida.

   Source
6. 1932Headquarters expansion completed

   The DeKalb Avenue building is significantly enlarged through work attributed to Halsey, McCormack and Helmer during 1931–1932.

   Source
7. 1908Dime moves into the DeKalb Avenue headquarters

   The bank moves into its new headquarters on December 19, 1908.

   Source
8. 1905New central headquarters announced

   Plans are announced for a substantial new home office at DeKalb Avenue and Fleet Street in Downtown Brooklyn.

   Source
9. 1859Dime Savings Bank of Brooklyn is chartered

   The institution is established in Brooklyn as a savings bank whose name emphasizes the low, ten-cent minimum originally associated with opening an account.

   Source

A community-oriented savings bank serving household savers and mortgage borrowers in the New York metropolitan area.

• Savings accountsRetail deposits1859

  Savings deposits were central to Dime’s original mission. The institution’s name highlighted its low opening threshold, positioning the bank as accessible to ordinary New Yorkers and small household savers. These accounts represented the traditional thrift-bank relationship that defined Dime before its later expansion into a broader regional banking organization.

• Residential mortgagesMortgage lending

  Mortgage lending was one of Dime’s principal banking activities. Through this business, the institution served homeowners and prospective homeowners in the New York metropolitan area. Mortgage services complemented its deposit franchise and remained part of the broader retail banking model carried into its later corporate and acquisition-driven expansion.

• Consumer and branch banking servicesRetail banking

  As Dime expanded, its branch network provided customers with ordinary retail banking access in New York and New Jersey, alongside its savings and mortgage activities. The institution’s branch-based model connected the historic Brooklyn savings-bank identity with the larger regional footprint it had at the time of its Washington Mutual acquisition.

• 2002Accept Washington Mutual acquisitionM&A

  Dime Bancorp was operating in a consolidating banking market and had recently faced an unsuccessful takeover attempt and the collapse of its proposed Hudson United combination.

  What changed. Dime accepted Washington Mutual’s cash-and-stock acquisition, completed in January 2002.

  Aftermath. Dime ceased to operate as an independent bank. Its former banking assets later moved to JPMorgan Chase after Washington Mutual entered receivership in 2008.

  Announced transaction value. Approximately $5.2 billion in cash and stock (2001 announcement; completed January 2002)

  Source
• 2000Defend against North Fork’s hostile takeover attemptM&A

  North Fork Bancorporation launched an unsolicited effort to acquire Dime while Dime was pursuing a proposed merger with Hudson United Bancorp.

  What changed. Dime resisted the takeover, became involved in litigation with North Fork, and terminated its Hudson United merger agreement while concentrating on the defense.

  Aftermath. North Fork abandoned the attempt in September 2000, but Dime remained a target for strategic consolidation and soon accepted Washington Mutual’s acquisition proposal.

  • North Fork Bancorporation — North Fork pursued a hostile acquisition and related litigation before withdrawing its bid.
  Source
• 1995Complete the Anchor Bancorp acquisitionM&A

  Dime sought to expand its regional banking scale through the acquisition of Anchor Bancorp, a Hewlett, New York-based bank holding company.

  What changed. Dime completed the transaction in January 1995, combining its operations with Anchor Savings Bank and creating a multistate branch network.

  Aftermath. The combined organization was reported to have 76 branches in New York, 18 in New Jersey, and 5 in Florida.

  Announced transaction value. Approximately $1.2 billion in stock (1994 announcement)

  Source

• 2022The Brooklyn Tower project completed

  The former Dime headquarters was incorporated into The Brooklyn Tower development, preserving the historic bank structure alongside a new high-rise.

  Other
  Source
• 2018Restoration and redevelopment of the Dime building announced

  The developers announced plans to restore the former bank’s neoclassical architecture while constructing a residential tower beside it.

  Other
  Source
• 2016Former Dime headquarters enters redevelopment

  The original bank site associated with Dime was purchased for redevelopment, with plans to preserve and incorporate the historic structure into a major mixed-use project.

  Other
  Source
• 2008Washington Mutual fails and former Dime assets transfer to JPMorgan Chase

  Washington Mutual was seized and placed into receivership. The FDIC arranged the sale of its banking assets to JPMorgan Chase, including assets formerly associated with Dime.

  BankruptcyM&ARegulation
  Source
• 2002Dime operations absorbed into Washington Mutual

  Washington Mutual completed its acquisition of Dime. Dime had 123 branches in the New York City area across New York and New Jersey at the time of the transaction.

  M&AOther
  Source
• 2001Washington Mutual announces acquisition of Dime Bancorp

  Washington Mutual announced an acquisition of Dime Bancorp valued at approximately $5.2 billion in cash and stock. The transaction was completed in January 2002.

  M&A
  Source
• 2000North Fork launches hostile takeover attempt for Dime

  North Fork Bancorporation initiated a hostile effort to acquire Dime. Dime and North Fork became involved in related lawsuits, and North Fork withdrew its attempt in September 2000. Dime and Hudson United had already ended their proposed merger.

  M&ALawsuit
  Source
• 1999Dime Bancorp and Hudson United announce merger of equals

  Dime Bancorp and Hudson United Bancorp announced a proposed merger of equals valued at approximately $2 billion in stock. The agreement was later abandoned amid a takeover contest involving North Fork Bancorporation.

  M&AOther
  Source
• 1995Dime completes Anchor Bancorp acquisition

  The completed acquisition combined Dime and Anchor operations into a network reported as having 76 branches in New York, 18 in New Jersey, and 5 in Florida.

  M&A
  Source
• 1994Dime Bancorp announces acquisition of Anchor Bancorp

  Dime Bancorp announced a proposed stock acquisition of Hewlett, New York-based Anchor Bancorp, whose subsidiary was Anchor Savings Bank. The transaction was completed in January 1995 and expanded Dime’s branch network across several states.

  M&A
  Source

1. Dime Savings Bank of New York