North Fork Bank

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North Fork Bancorporation
North Fork Bank
NYSE: NFB
IndustryBank holding company
Founded1858; 166 years ago (1858) (as Southold Savings)
1905; 119 years ago (1905) (as Mattituck Bank)
1950; 74 years ago (1950) (as North Fork Bank)
DefunctMarch 28, 2008 (2008-03-28)
FateAcquired by Capital One
SuccessorCapital One
HeadquartersMelville, New York, U.S.
ProductsFinancial services
WebsiteArchived website

North Fork Bank was an American bank that operated from 1950 until 2008 when it was acquired

Capital One Bank and was merged into that bank. In November 2007, it had 365 branches in the New York metropolitan area.[1]

History

North Fork early history was dominated by mergers of banks on the

North Fork, Suffolk County, New York. Its earliest component was Southold Savings Bank in Southold, New York (although the company dates its history from 1905 with the founding of Mattituck Bank in Mattituck, New York
, which would become the most active early partner).

It first assumed the name of North Fork Bank & Trust Company in 1950 through the consolidation of Mattituck and First National Bank of Cutchogue in Cutchogue, New York. North Fork Bancorporation was formed in 1980 and Southold Savings was acquired in 1988.

In the 1990s, it began an aggressive move into New York City market with the acquisition of

  • Eastchester Financial Corporation in Eastchester, New York, in 1991;[2]
  • Bayside Federal Savings in
    Bayside, New York
    , in 1994;
  • the Bank of Great Neck in Great Neck, New York, in 1995;
  • 10 locations of First Nationwide in 1996;
  • North Side Savings in 1996;
  • Branford Savings Bank (in Branford, Connecticut) in 1997;
  • Home Federal Savings in 1998;
  • Amivest Corporation in 1998;
  • New York Bancorp in 1998;[3]
  • Reliance Federal Savings in 1999;
  • Jamaica Savings Bank FSB in 1999;[4]
  • the domestic deposits of Commercial Bank of New York in 2001 (marking an expansion of its two branches in Manhattan);
  • the Trust Company of New Jersey in 2004,[5]
  • GreenPoint Financial, in 2004.
North Fork Logo Pre-2005

At the time of its acquisition, the bank served the New York City metropolitan area with over 350 branches and around $60 billion in assets.[1] The bank specialized in commercial banking. North Fork Bank CEO John Kanas incorporated the bank in 1980, joined Capital One with the 2006 acquisition, and in 2007, stepped down from his position as Capital One's head of banking.[citation needed]

The bank's reporting of unusual transactions made by then-New York Governor Eliot Spitzer led to the criminal investigation that led to the Governor stepping down in March 2008.[6]

GreenPoint Mortgage

In 2005,[

2007 subprime mortgage financial crisis
, Capital One announced that it was eliminating its GreenPoint Mortgage unit, citing an inability to sell its mortgages on the secondary market. As of November 8, 2017, Capital One no longer offers mortgages.

Capital One acquired GreenPoint and its

U.S. dollars
. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion into retail banking. On March 10, 2008, all North Fork Banks began using the Capital One branding.

The bank has naming rights to the North Fork Theatre at Westbury (formerly the

Westbury Music Fair). It is located in the Westbury postal-zone section of Jericho, New York
.

References

  1. ^
    BizJournals
    .com (Washington)    . Retrieved November 1, 2022.
  2. ^ "North Fork Set To Add Eastchester". The New York Times. Reuters. October 9, 1990. Retrieved November 1, 2022.
  3. ISBN 0-07-234892-5
    .
  4. ^ "North Fork Bancorp Buying JSB Financial". The New York Times. Reuters. August 17, 1999. Retrieved November 3, 2022.
  5. ^ "North Fork to buy Trust Company of New Jersey". The New York Times. Reuters. December 17, 2003.
  6. Washington Post
    .

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=North_Fork_Bank&oldid=1195378440"