Dollar Bank facts for kids

Quick facts for kids
Dollar Bank

Type	Mutual society
Industry	Financial services
Founded	1855
Headquarters	Pittsburgh, Pennsylvania
Key people	James J. McQuade, President and CEO
Total assets	$11.5 billion (2023)
Number of employees	1,543

Dollar Bank is a bank that helps both individuals and businesses with their money. It has over 90 offices in Pennsylvania, Ohio, Maryland, and Virginia. The main office is in downtown Pittsburgh, Pennsylvania. There are also main offices in Cleveland, Ohio, and Hampton Roads, Virginia.

Discovering Dollar Bank's History

How Dollar Bank Started

In 1850, Charles A. Colton moved to Pittsburgh. He saw that many people were coming to the city for work. These workers needed a safe place to save their money.

So, on July 19, 1855, Dollar Bank opened its doors. It was first called "The Pittsburgh Dollar Savings Institution." Anyone could open a savings account with just $1. On the first day, people deposited a total of $53. Charles Colton's 10-year-old son even put in two dollars! In 1858, the bank changed its name to Dollar Savings Bank.

By 1880, many iron workers, skilled craftspeople, and other workers used Dollar Bank. About 45% of its customers were women. When Charles Colton passed away in 1881, Dollar Bank had more customers and more money saved than any other bank in Pittsburgh.

What is a Mutual Bank?

Dollar Bank is special because it's a "mutual bank." This means it's owned by its customers who save money there, not by outside investors. Mutual savings banks started in the U.S. in 1816. They were created to help everyday working people.

Because it's owned by customers, Dollar Bank focuses on good customer service. It doesn't have to worry about stock prices like other banks. This also means it tends to be more careful with its money. For example, it didn't get involved in risky loans during the 2008 financial crisis.

In 2018, Dollar Bank changed its structure slightly. It became a "mutual holding company." This means a parent company, Dollar Mutual Bancorp, now owns 100% of Dollar Bank. But it still doesn't have outside shareholders.

African American Customers

From the very beginning in 1855, Dollar Bank welcomed everyone. African Americans were among its first customers.

First Savings Account

Alfred A. Gibson was the first African American to open an account at Dollar Bank. He did this on November 13, 1855. He worked as a porter, carrying things on a boat. Later, he worked at a famous hotel in Pittsburgh. His wife, Maria, and son, Alfred Jr., also had accounts.

First Mortgage

In February 1860, Dollar Bank gave its first home loan (mortgage) to an African American. His name was John L. Woodson, a barber. He paid off his loan in 1863.

Growth During the Civil War

During the Civil War, nearly 200,000 African American men fought. Many of these soldiers, like Clayton Ragan and William Temple, became customers at Dollar Bank.

Many African Americans also moved to cities like Pittsburgh during this time. They were looking for freedom and jobs. Between 1855 and the early 1900s, about 40% of Dollar Bank's African American customers were born in Virginia.

Famous People Who Banked Here

Many well-known people in Pittsburgh's history were Dollar Bank customers:

• Store Founders: Joseph Horne, who started a famous department store, opened an account in 1862. Brothers Morris and Jacob Kaufmann, who also had a big department store, became customers in the late 1800s.
• Artist: George Hetzel, a famous landscape painter, opened an account in 1866.
• Writer and Activist: Jane Grey Swisshelm, who fought for women's rights and against slavery, opened an account in 1876. A Pittsburgh neighborhood is named after her.
• First African American Doctor: Dr. John Paul Golden, the first African American to get a medical degree from Western Pennsylvania Medical College, became a customer in 1888.
• Composer: Victor Herbert, a famous composer and conductor, had an account in 1900. He lived in Pittsburgh for six years.
• Abolitionist Family: Lewis Woodson, a preacher and activist for the Underground Railroad, and his wife Caroline, became customers in 1857 and 1860. Many other members of their family also banked at Dollar Bank.

The First Dollar Bank Office

The Dollar Savings Bank's Fourth Avenue Building opened in April 1871. It is still used today! The building was designed by Isaac H. Hobbs & Sons. It was built with 14,000 tons of brownstone rock.

The Famous Lions

When the building was built, two large stone lions were carved right outside the entrance. They were meant to guard people's money. These lions were sculpted by Max Kohler and Richard C. Morgan. Each lion was made from a single huge block of stone.

In 2009, a project began to fix the original lions. New lions, which are exact copies, were made and placed outside in 2013. The original lions were moved inside the bank's main hall in 2012.

The bank's Board Room was added in 1896. Today, the Dollar Bank Heritage Center in the Fourth Avenue Building shows old banking machines, advertisements, and ledgers with the signatures of early customers.

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  Fourth Avenue Building Sketch

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  Fourth Avenue Building - Exterior

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  Fourth Avenue Building - Board Room

Surviving the Great Depression

During the 1930s, many banks across the country closed because of the Great Depression. Several banks in Pittsburgh also failed. But Dollar Savings Bank managed to grow! Its deposits increased from $44 million in 1930 to $56 million in 1940.

After a big flood in 1936, Dollar Savings Bank installed a new vault. This vault was designed to be safe from both fire and floods.

World War II and the 1950s

In November 1943, Dollar Savings Bank joined the FDIC. This is a government program that protects bank deposits.

By 1950, Dollar Savings Bank had over 63,000 customers and more than $100 million in assets. In July 1955, the bank celebrated its 100th birthday!

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  Fourth Avenue Building - Main Lobby

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  Fourth Avenue Building - Main Lobby

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  Fourth Avenue Office Vault

Growing Bigger

In the 1950s, Dollar Savings Bank bought other buildings to expand its main office. In 1961, it opened its first branch office outside of downtown Pittsburgh. Over the next 15 years, the bank grew to 21 locations in four different counties.

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  Smithfield Expansion - Boyd Building

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  Fourth Avenue Building - Main Lobby Redecorated

New Technology

In 1964, Dollar Savings Bank installed a new computer system. This system allowed customers to do their banking at any branch office, not just where they opened their account. Dollar Bank was one of the first banks in the country to use this kind of system.

In 1975, the bank launched "Pay-By-Phone." This was a service that let customers pay bills automatically using their phone. It was the first of its kind in Pennsylvania.

In 1976, the Fourth Avenue Office building was added to the National Register of Historic Places. This means it's a special historical site.

By December 1976, Dollar Savings Bank's total assets reached $1 billion! This was a huge growth for the bank.

In 1977, Dollar Savings Bank put in its first automated teller machine (ATM). In 1978, they started offering free checking accounts. By 1981, they began offering services specifically for businesses.

Expanding to New Areas

On September 20, 1984, Dollar Bank expanded into Cleveland, Ohio. They took over a bank there and helped it become successful again. At this time, "The Dollar Savings Bank" officially changed its name to "Dollar Bank."

In 1997, Dollar Bank became one of the first banks to offer online banking through the Internet. In 1999, they started the Freedom ATM Alliance. This group of banks lets customers use each other's ATMs without paying extra fees.

In 2016, Dollar Bank merged with two other mutual banks: Bank @lantec in Virginia and Progressive-Home Federal Savings and Loan in Pennsylvania. These mergers helped Dollar Bank grow even larger.

In 2020, Dollar Bank became the official bank of the Cleveland Guardians baseball team. In 2021, they announced another merger with Standard Bank.

Awards and New Products

In 1998, Dollar Bank's online banking service was recognized for its innovation.

Dollar Bank has also created new financial products. In 2005, they launched the "CD Ladder." This helps people save money by dividing it into different savings accounts with different terms.

In 2007, Dollar Bank was the first to offer text messaging for banking. In 2008, they introduced mobile online banking. In 2009, they started offering reverse mortgages to help older adults with their finances.

Recent Updates

In 2012, Dollar Bank was the first bank in its region to offer video personal teller machines. These machines let customers talk to a live teller even outside of normal banking hours.

In 2015, James J. McQuade became the new president of Dollar Bank. He later became the CEO in 2016. He has worked at Dollar Bank for many years.

How Dollar Bank Works Today

In 2023, Dollar Bank showed strong financial health. It had over $1.25 billion in core capital, which shows its financial strength.

Helping Businesses

Dollar Bank helps businesses of all sizes. They offer different types of loans, credit cards, and services to help businesses manage their money. They even have a quick online loan application for businesses.

Other Services

Dollar Bank also has other businesses that help customers:

• Dollar Bank Servicing Center: This group helps manage loans and home loans.
• Dollar Bank Insurance Agency, Inc.: This group offers life insurance products.

Important Buildings

Dollar Bank's main office is now at 20 Stanwix Street in Downtown Pittsburgh. Its older headquarters building at 340 Fourth Avenue in Pittsburgh is a historic landmark.

Images for kids

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  Dollar Bank's Ohio Headquarters

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  Inside Dollar Bank's Ohio Headquarters