The Bank of Farmingdale was located on the corner of Main Street & Conklin. It was established in 1907. Martin Meyer was the first president of the bank.
In June of 1911, a new building on the corner of Conklin and Main was built. It was designed by architects Inglee & Hart of Amityville. It was a two-story building with bank offices on the first floor and other offices on the second. The building was moved into by October of that year.
The bank became a member of the Federal Reserve System in 1925. A newer building was added in 1931. It adjoined the existing building and cost $90,000. It was created as the original building was razed when Conklin Street was widened.
In 1952, the Bank of Farmingdale merged with Franklin National Bank. In 1956, Franklin National added a new wing on the Conklin Street side. This space housed the bank’s Mortgage Department, Installment Loans and Bookkeeping Departments. Later, the Better Business Bureau occupied this space for some time.
In 1974, European American Bank purchased Franklin National Bank. In 2001, Citibank purchased all of EAB’s offices and decided to close the branch at 266 Main Street. In 2002, the building was purchased and combined with 280 Main Street to house the law firm of Carman, Callahan & Ingham.
Sources:
“About.” Carman Callahan & Ingham, LLP, https://www.carmancallahan.com/about
“Bank of Farmingdale’s New Home.” The Brooklyn Daily Eagle. June 5, 1911
“Farmingdale Bank Ready Jan. 31.” Times Union. January 23, 1931
"Two Long Island Banks, Franklin National and Farmingdale, to Merge on Saturday." New York Times (1923-Current file), May 08, 1952, pp. 47. ProQuest, https://search.proquest.com/historical-newspapers/two-long-island-banks-franklin-national/docview/112332015/se-2?accountid=37884
The First National Bank of Farmingdale was established in August of 1907 with a capitol of $25,000. Adolph Bausch served as its first President until 1913. In addition to Adolph, some of the pioneers of the bank were: Vice-Presidents J. F. Michel and W. H. Trou, and Cashier Cristopher Fuchs. On the Board of Directors were: Harrison G. Nostrand, J. Doud, Walter Powell, Charles Keller, Frederick A. Kunz, W. B. Casey, J. W. Lawrence, and Jarvis Lattin.
The bank was located on Main Street. In 1911, the bank purchased a tract of land on the southwest corner of Main and Conklin Street, opposite the Bank of Farmingdale. In June of 1957, the bank asked the zoning board of appeals for approval for construction of a new bank on Conklin Street. The land involved bordered Conklin from Nostrand Lane to Clinton Street on the north and Waverly Place and Laurelton Street on the south. The approval was eventually given and the new bank included air conditioning, an alarm system, and more floor space.
In November of 1962, Bankers Trust proposed to create a holding company to acquire the bank. In May of 1963, Bankers Trust said it planned to merged with the bank rather than acquire it. The Federal Reserve voted to let Bankers Trust acquire the assets of the bank that July and the stockholders of the bank approved the acquisition in September and the name was changed at the time.
Sources:
“Bankers Trust.” The Daily Item. July 29, 1963
“Bankers Trust.” Daily News. November 24, 1962.
“Bankers Trust.” The Herald Statesman. May 29, 1963
“F’dale Bank to Ask Board for Approval of New Site.” Newsday. June 4, 1957
First National Bank of Farmingdale. “Fifty Years in Farmingdale.” 1957
Junior Historical Society of Farmingdale. Farmingdale's Story: Farms to Flight. The Society, 1956
“Many Proofs of Progress at Hicksville and Farmingdale.” Brooklyn Daily Eagle. September 3, 1911
“Stockholders OK Takeover by City Bank.” Newsday. September 5, 1963
The Roslyn Savings Bank received their certificate of organization on December 17, 1875. It was the first financial institution headquartered in Nassau County. Its founders wanted to build a bank that would provide the Island’s residents with a safe place for their savings, as well as the financial assistance they’d need to build or purchase homes. At the end of the first day’s business, seven accounts were opened. The first mortgage was granted on May 1, 1876. In June 1905, the headquarters in Roslyn were built. By the 1930s, the bank outgrew its home and a new building was erected in 1932.
Roslyn opened the Farmingdale branch in 1968 at the corner of Fulton Avenue and Conklin Street. The branch expanded in 1975. A facility that features two walk-up and drive-in windows began. It was designed for operation after regular bank hours.
Roslyn Savings became a member of New York Community Bank in 2003.
Sources:
Bank, New York Community. “New York Community Bank.” New York Community Bank - About Us, www.mynycb.com/Home/AboutUs
Roslyn Savings Bank. 1876-1976: The Story of Nassau County's Oldest Bank, 1976
“Roslyn Savings Bank Expands.” Farmingdale Observer. September 25, 1975
Sunrise Federal came into existence through some legislation that the Roosevelt administration, put through in the year 1934. This was an effort to help the economy to climb out of the Depression. In 1934, a group of local business and professional men from Farmingdale took advantage of this legislation and received a charter which gave birth to the Bethpage Federal Savings and Loan Association. The founders were C. O. Schmidt, Dan Wood, Charles Barker, Willis Carman Sr., Norman Sullivan, and Rudy Weber Sr. The initial capital of $5,000 was raised by the founders and was augmented by a $25,000 contribution by the US government. The initial bank office was open in Norman Sullivan's Insurance building. It was granted a federal charter in 1934.
Sometime in the 1940s, business grew and a new office building was constructed by the bank on the northwest corner of Conklin Street and Washington Street. During this period, the name of the bank was changed to Farmingdale Federal Savings & Loan Association. A terrible tragedy occurred to the bank in February, 1952 when one afternoon, after the 3pm closing, the building exploded from gas which had leaked into the cellar. Construction crews were excavating the street outside of the building and broke a pipe from the line to the cellar. Gas followed the old pipe into the building and ignited when either the telephone rang or the oil burner went off. Fred Murray and a secretary were killed in this explosion. Temporary quarters were secured at 202 Main Street and the bank re-opened in a few days. That March, plans for a new building were approved for a new building to be constructed at 320 Conklin Street. It moved into the building shortly after, which was dedicated to Fred Murray.
In 1957, plans were made to expand the bank's operations by opening branches throughout Nassau & Suffolk counties. A new branch was added in Plainview in 1959, the North Babylon branch was opened in 1962, and the Deer Park branch in 1968. As the branches were added, it was deemed to be wiser to have a generic Long Island name of the bank and Sunrise Federal Savings & Loan was adopted. In April 1993, the Board authorized a change from Mutual S&Ls standards to a stock company owned by shareholders. A total of $3.8 million shares were sold to the public after obtaining depositor approval. The price was $10 a share. The Sunrise chair prices in the market prices increased over the next two years to about $20 per share. In the next six months, the price escalated to the mid-20s. The share price continued to increase and went to about $26. Many of our local shareholders and the institutional investors were impressed and asked us about a possible merger. Sunrise received a firm offer of $26 from a local commercial bank but was rejected by our Board. The Board asked for proposals and received more than 10 offers. After much consideration, the Board accepted the highest offer from Reliance Federal S&L, a holding company called Reliance Bank Corp.
Sources:
“Construction Awarded Early in April for Bank Building.” Farmingdale Post. March 20, 1952
“Farmingdale Federal Opens New Branch in Plainview.” Farmingdale Post. March 5, 1959
Junior Historical Society of Farmingdale. Farmingdale's Story: Farms to Flight. The Society, 1956
Oral history with Helen and Seb Albrecht
“250,000,000: Sunrise Federal Savings and Loan.” Sunrise Federal Savings & Loan
Updated NK 12/16/22