Emigrant Bank
Corporate brand
UnclaimedA privately held American bank founded in New York in 1850 to serve immigrant savers.
Last updated August 31, 2026
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Overview
Emigrant Bank, originally known as Emigrant Savings Bank, is a privately held American financial institution headquartered in New York City. It was established in 1850 by 18 members of the Irish Emigrant Society, with support from John Hughes, the Roman Catholic bishop of New York. The founders created the institution to give newly arrived immigrants—especially Irish immigrants—a comparatively secure place to save money and obtain financial services as they established themselves in the United States. The bank opened in October 1850 at leased premises at 51 Chambers Street in Manhattan. Its early identity was closely connected to the immigrant communities of nineteenth-century New York. Historical records preserved by the New York Public Library document depositors and borrowers in considerable detail, including addresses, occupations, family relationships, countries or regions of origin, and immigration information. Although Irish customers are especially prominent in the records, the material also reflects the participation of other immigrant communities. Emigrant expanded its physical presence on Chambers Street over the following decades. It built at 51 Chambers Street in 1858, acquired the adjoining property at 49 Chambers Street in 1882, and constructed an eight-story bank building on the combined site between 1885 and 1887. A later building at 49–51 Chambers Street was designed by Raymond F. Almirall and built between 1909 and 1912, reflecting the institution’s long-standing presence in Lower Manhattan. A major ownership and capital transition occurred at the end of 1986, when the mutual savings bank converted into a stock savings bank. Seymour and Paul Milstein acquired the newly issued shares and committed an additional $90 million in capital. The transaction brought Emigrant into the Milstein family’s broader banking and investment interests and established the privately held ownership structure associated with the bank in later decades. The institution subsequently operated both as a deposit-taking bank and as part of a wider financial and investment platform. In 2003, Emigrant Capital invested in Boylan Bottling Company, and Emigrant Capital executive-in-residence Val Stalowir later joined Boylan’s board. In retail banking, Emigrant maintained a branch network in New York before selling 29 retail branches to Apple Bank for Savings in April 2013. It also developed online savings offerings, including EmigrantDirect, DollarSavingsDirect, and MySavingsDirect. The bank has also faced significant legal scrutiny. In 2016, after a six-week federal trial, a jury found that Emigrant’s STAR NINA mortgage-lending program discriminated on the basis of race. The program permitted an 18 percent default interest rate after a missed payment. Subsequent proceedings produced additional compensatory and nominal damages, and the United States Court of Appeals for the Second Circuit affirmed the judgment in February 2025. Emigrant remains an active, privately held American bank. Its business identity combines a historic New York immigrant-savings mission, consumer and commercial banking activities, online deposit brands, mortgage lending, and affiliated investment operations. The bank’s 2024 reporting identified Howard P. Milstein as co-chairman, co-president, and co-chief executive officer, while Michael Milstein became co-chief executive officer in 2024.
History
Emigrant Bank began as Emigrant Savings Bank in New York City in 1850. Its founding group consisted of 18 members of the Irish Emigrant Society, who organized the bank with the support of John Hughes, the Roman Catholic bishop of New York. The institution’s original purpose was social as well as financial: it was intended to protect the savings of newly arrived immigrants, particularly Irish immigrants, and help them build financial security in an unfamiliar city. The bank began operations in October 1850 from leased premises at 51 Chambers Street in Lower Manhattan. Its early customers included immigrants saving wages, borrowing for personal or household needs, and establishing financial records in the United States. The institution’s historical importance is reflected in records held by the New York Public Library. Those records, covering the period from 1841 to 1945, contain information about depositors and borrowers such as addresses, occupations, family connections, places of origin, and immigration details. While Irish New Yorkers are especially well represented, the collection also includes people from other immigrant communities. Emigrant developed a substantial architectural and institutional presence on Chambers Street. It erected a building at 51 Chambers Street in 1858 and acquired the neighboring property at 49 Chambers Street in 1882. An eight-story bank building was constructed on the site between 1885 and 1887. The later structure at 49–51 Chambers Street was designed by Raymond F. Almirall and built between 1909 and 1912. These successive buildings marked the bank’s continuity in a rapidly changing Lower Manhattan financial district. At the end of 1986, Emigrant changed from a mutual savings bank into a stock savings bank. Seymour and Paul Milstein acquired the newly issued stock and agreed to inject $90 million in additional capital. This conversion changed the bank’s ownership and capital structure and connected it more closely with the Milstein family’s private financial interests. During the 2000s, Emigrant’s activities extended beyond conventional branch banking. Emigrant Capital made an equity investment in Boylan Bottling Company in September 2003. Val Stalowir, an Emigrant Capital executive-in-residence, subsequently joined Boylan’s board of directors. The bank also expanded its consumer and online savings presence through the EmigrantDirect, DollarSavingsDirect, and MySavingsDirect services. Emigrant later rationalized its New York retail branch network. In April 2013, it completed the sale of 29 retail branches to Apple Bank for Savings. The transaction represented a shift away from some of its traditional physical distribution while leaving the institution with deposit, lending, online banking, and other financial-service activities. Legal controversy became an important part of the bank’s modern history. In 2016, a federal jury found after a six-week trial that Emigrant’s STAR NINA mortgage-lending program discriminated on the basis of race. The loans allowed an 18 percent default interest rate to be imposed after a missed payment. A first jury awarded $950,000 in compensatory damages. Following further proceedings, a second jury awarded $722,044 in compensatory damages as well as nominal damages. The Second Circuit affirmed the judgment in February 2025. The bank continues to operate as a privately held American institution. Its 2024 annual report identified Howard P. Milstein as co-chairman, co-president, and co-chief executive officer and stated that Michael Milstein had been appointed co-chief executive officer in 2024. Modern Emigrant combines its historic New York savings-bank identity with online deposit services, mortgage lending, commercial banking, and affiliated investment activity.
- 2025
Second Circuit affirms discrimination judgment
[1]The United States Court of Appeals for the Second Circuit affirmed the judgment connected with the STAR NINA lending case.
- 2024
Michael Milstein becomes co-chief executive officer
[1]The bank’s 2024 annual report identified Michael Milstein as a newly appointed co-chief executive officer.
- 2016
Jury verdict in STAR NINA mortgage case
[1]A federal jury found that Emigrant’s STAR NINA mortgage-lending program discriminated on the basis of race.
- 2013
Sale of 29 retail branches
[1]Emigrant completed the sale of 29 New York retail branches to Apple Bank for Savings.
- 2003
Investment in Boylan Bottling Company
[1]Emigrant Capital made an equity investment in Boylan Bottling Company.
- 1986
Conversion to a stock savings bank
[1]Emigrant converted from mutual ownership to a stock savings bank; Seymour and Paul Milstein acquired the new stock and committed $90 million in additional capital.
- 1912
Later Chambers Street building completed
[1]A replacement or later building at 49–51 Chambers Street, designed by Raymond F. Almirall, was completed after construction from 1909 to 1912.
- 1887
Eight-story bank building completed
[1]An eight-story building on the Chambers Street site was constructed between 1885 and 1887.
- 1882
Adjoining property acquired
[1]The bank purchased 49 Chambers Street, enlarging its Lower Manhattan site.
- 1858
First purpose-built Chambers Street premises
[1]Emigrant erected a building at 51 Chambers Street as its New York presence expanded.
Products and positioning
A privately held New York banking institution with historic roots in immigrant savings, supported by consumer deposits, online savings brands, mortgage lending, and broader private financial services.
Online savings banking
EmigrantDirect
EmigrantDirect is one of Emigrant Bank’s internet banking services. It represents the bank’s direct-to-consumer savings presence and extends access beyond the institution’s historical New York branch network.
Online savings banking
DollarSavingsDirect
DollarSavingsDirect is an Emigrant online banking service centered on dollar-denominated savings products. It forms part of the group of digital deposit brands through which the bank serves customers remotely.
Online savings banking
MySavingsDirect
MySavingsDirect is an internet banking service associated with Emigrant Bank. It is part of the bank’s direct savings offering and complements its broader deposit and banking activities.
Mortgage banking
Mortgage lending
Mortgage lending has been part of Emigrant’s financial-services activities. Its STAR NINA program became the subject of a federal discrimination case involving loan terms and a default interest rate that could rise to 18 percent after a missed payment.
Banking
Retail and commercial banking
Emigrant provides banking and financial services through its institutional banking platform. Historically, this included a New York retail branch network; after the 2013 sale of 29 branches, the bank continued operating through online services and other banking channels.
Controversies
2025
Second Circuit affirmation of STAR NINA judgment
The United States Court of Appeals for the Second Circuit affirmed the judgment arising from the STAR NINA mortgage discrimination litigation.
2016
STAR NINA mortgage discrimination case
A federal jury found that Emigrant’s STAR NINA mortgage-lending program discriminated on the basis of race. The program allowed an 18 percent default interest rate after a missed payment. A first jury awarded $950,000 in compensatory damages, while later proceedings resulted in a $722,044 compensatory award plus nominal damages.
Brand decisions
2013
Reduce the New York branch networkStrategyBackground
Emigrant adjusted its physical retail distribution while maintaining banking and online savings activities.
Action taken
The bank completed the sale of 29 New York retail branches to Apple Bank for Savings.
Aftermath
The transaction reduced Emigrant’s branch presence and reinforced the importance of its direct and online banking services.
2003
Invest in Boylan Bottling CompanyM&ABackground
Emigrant Capital expanded its activity beyond banking through an investment in a consumer-products company.
Action taken
Emigrant Capital made an equity investment in Boylan Bottling Company, after which its executive-in-residence Val Stalowir joined Boylan’s board.
Aftermath
The investment illustrated the broader corporate and investment activities associated with Emigrant’s private financial platform.
1986
Convert from mutual to stock ownershipStrategyBackground
The institution changed its legal and capital structure at the end of 1986, moving from mutual savings-bank ownership to a stock savings-bank model.
Action taken
Seymour and Paul Milstein acquired the newly issued stock and agreed to provide $90 million in additional capital.
Aftermath
The conversion established the privately held ownership structure associated with Emigrant in subsequent decades and connected it to the Milstein family’s broader financial interests.
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