Excerpt from History of the Greenwich Savings Bank, New York: Together With the Acts of Incorporation and a List of Trustees and Officers From the Foundation of the Institution
York, worth at least double the amount loaned 7thereon, exclusive of buildings. The exclusion of buildings in such valuation was repealed by an act passed May 26, 1841, but the buildings on the real estate mortgaged were to be insured for the benefit of the bank. By recent laws the scope of invest ments by all savings banks has been greatly extended.
By the said act of incorporation the bank was to be located at or near the junction Of the Ninth and Fifteenth Wards in the city of New York. Its first place Of business was in a small part Of the house no. 10 Carmine street, hired for that pur pose at an annual rent Of $125, in what was then known as the village Of Greenwich, near the out skirts Of the city Of New York, and amid the resi deuces Of persons Of moderate means. In 1839 its business was moved to no. 11 Sixth Avenue; in 1846 to the northwest corner of Sixth Avenue and Fourth street; in 1854 to the southwest corner of Sixth Avenue and Waverly Place; and in 1892 to its present location at the southeast corner Of Sixth Avenue and Sixteenth street.
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