New Emigrant Savings Bank Branch Opens in Greenwich Village, With Holiday Decorations to Warm the Soles of Those in Need

NEW YORK, Dec. 22, 2011 /PRNewswire/ -- Emigrant Savings Bank, the oldest savings bank in New York City, has opened a new branch in Greenwich Village with the continuation of a unique holiday tradition: the decoration of Christmas trees at Emigrant branches with items that can be donated to those in need.

(Photo:  http://photos.prnewswire.com/prnh/20111222/NY27063 )

The new branch, which opened Monday, is located at 10 Downing Street in Manhattan, near the corner of Sixth Avenue and Bleecker Street in the heart of Greenwich Village.

The Emigrant Holiday Tree tradition started in 2004, as Emigrant employees looked for new ways to make their holiday decorating bring real benefit to the communities they serve.

The new Emigrant Holiday Tree at 10 Downing Street is decorated with pairs of new socks – an important necessity for underprivileged New Yorkers as the winter season begins.

Other Emigrant Holiday Trees have been decorated with hats, scarves and small children's toys. A large donation box is placed next to each tree as well, so customers and members of the community can donate items similar to the tree theme.

Socks and other items collected at the new Downing Street location will be given to a local church, Our Lady of Pompeii on Carmine Street, for distribution.

"For more than 160 years, Emigrant has been part of the fabric of our local communities," said Emigrant Chairman and CEO Howard P. Milstein. "With our Holiday Tree tradition, we have found a way to give tangible expression to this season of giving."

New Branch in Underserved Area

The Greenwich Village location is in an area of Manhattan traditionally underserved by retail bank branches, requiring Emigrant to come up with an innovative solution: the new, 3,000 square foot branch was created in a space that was originally two smaller retail spaces with a small courtyard between them. The resulting multilevel banking floor features a small, ADA-compliant elevator that rises six steps to the branch's mezzanine level.

Various members of the community, including local small businesses, have applauded the new branch as a welcomed addition to a neighborhood with relatively few retail banking operations. Emigrant now has 32 branches in neighborhoods across the New York City metropolitan area.

"Emigrant was founded to serve immigrants to New York City who had few other banking alternatives," Mr. Milstein said. "We're very proud of the fact that Emigrant is in communities often overlooked by more traditional banking entities."

About Emigrant Bank

Founded in 1850 to serve the financial need of a growing America and a dynamic emigrant population, Emigrant Bank has served generations of new Americans who came to America to seek a "better way of life" for themselves and their families.  In keeping with Emigrant's core mission, the bank's branch-based giving was built upon a similar foundation of helping to sustain and improve the communities where Emigrant provides retail-banking services.

Emigrant's branch-based contribution program supports local community initiatives that sustain and enhance the vibrancy of the neighborhoods Emigrant calls home. The bank's regional focus allows it to identify needs where financial support can build on the successes of non-profit organizations. At each of Emigrant's regional banks, consideration is provided for contribution requests addressing five primary issues: education/youth initiatives, health/social services, cultural programs, faith-based programs, and community development.

SOURCE Emigrant Savings Bank