Dollar Bank facts for kids
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| Mutual society | |
| Industry | Financial services |
| Founded | 1855 |
| Headquarters | Pittsburgh, Pennsylvania |
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Key people
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James J. McQuade, President and CEO |
| Total assets |  $11.9 billion (2025) |
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Number of employees
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1,539 |
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. There are also headquarters in Cleveland, Ohio, and Hampton Roads, Virginia.
Contents
- History of Dollar Bank
- How Dollar Bank Works
- Important Buildings
- Images for kids
History of Dollar Bank
How Dollar Bank Started
Charles A. Colton moved to Pittsburgh in 1850. He saw that many people, especially workers and immigrants, needed a bank that cared about them. So, on July 19, 1855, he opened "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 ironworkers, skilled builders, and other workers had accounts. About 45% of the bank's customers were women. When Charles Colton passed away in 1881, Dollar Savings Bank had more customers and more money saved ($6.5 million) 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, not by outside investors who buy shares. Mutual savings banks started in the U.S. way back in 1816. They were created to help everyday working people.
Because it's owned by its customers, Dollar Bank focuses on good customer service. It doesn't worry about stock prices like other banks. This also means it uses a careful business approach. For example, it didn't get involved in risky loans during the 2008 financial crisis.
In December 2018, Dollar Bank changed its structure slightly. It became a "mutual holding company." This means a parent company, Dollar Mutual Bancorp, now owns Dollar Bank. But Dollar Mutual Bancorp is still a mutual company without shareholders. This keeps the bank focused on its customers.
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, born in Virginia, was the first African American to open an account at Dollar Bank. He did this on November 13, 1855. He worked as a porter on a boat. Later, he worked at a famous hotel in Pittsburgh. His wife, Maria, and son, Alfred Jr., also had accounts.
First Mortgage Loan
In February 1860, Dollar Bank gave its first mortgage loan to an African American. This was John L. Woodson, a barber. He paid off his $850 loan in 1863. He and his wife raised their three children in their Pittsburgh home.
Growth During the Civil War
Many African American soldiers from the Civil War, like Clayton Ragan and William Temple, became early customers. During this time, many African Americans moved to Pittsburgh. This was because of the war and the growing industries. Many of Dollar Bank's African American customers were born in Virginia.
Famous Customers
Many well-known people in Pittsburgh's history had accounts at Dollar Bank:
- Joseph Horne, who founded a famous department store, opened an account in 1862 for his son.
- Morris and Jacob Kaufmann, who also started a big retail store, became customers in the late 1880s.
- Artist George Hetzel, known for his beautiful Pennsylvania landscapes, opened an account in 1866.
- Author and abolitionist Jane Grey Swisshelm had an account in 1876. A Pittsburgh neighborhood is named after her.
- 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, who led the Pittsburgh Symphony, opened an account in 1900.
- Abolitionist Lewis Woodson and his wife Caroline became customers in the late 1850s. Many members of their family also had accounts.
First Office Building
The Dollar Savings Bank's Fourth Avenue Building in Pittsburgh opened in April 1871. It's still used today! The building was made from 14,000 tons of brownstone.
The Stone Lions
When the building was built, two large stone lions were carved right outside the entrance. They were meant to guard people's money. A German artist named Max Kohler and his assistant carved them. In 2009, a project started to restore the original lions. New, exact copies were made and placed outside in 2013. The original lions were moved inside the bank's main hall.
Today, the Dollar Bank Heritage Center in the Fourth Avenue Building shows old banking machines, advertisements, and ledgers with the signatures of early customers.
The Great Depression and World War II
During the 1930s, the bank's main lobby was updated. Even though many banks closed during the Great Depression, Dollar Savings Bank grew. Its deposits increased from $44 million in 1930 to $56 million in 1940.
After a big flood in 1936, the bank installed a new vault that was both fireproof and flood-proof. In November 1943, Dollar Savings Bank joined the FDIC, which helps protect bank deposits. By 1950, the bank had over 63,000 customers and assets of more than $100 million. In July 1955, Dollar Savings Bank celebrated its 100th birthday.
Bank Expansion
Dollar Savings Bank started to grow in the 1950s. In 1950, it bought the Boyd Building to add more office space. In 1961, it opened its first branch office in the Oliver Building. The Squirrel Hill branch opened in 1963, which was the first location outside downtown Pittsburgh. Over the next 15 years, Dollar Bank grew to 21 locations.
Early Technology
To help with its growth, Dollar Savings Bank installed a new computer system in 1964. This system allowed customers to do their banking at any Dollar Savings Bank office, not just their home branch. Dollar Savings Bank was one of the first banks in the country to use such a system.
In 1975, the bank launched Pay-By-Phone, a service that let customers pay bills using their phone. This was one of the first services of its kind in the U.S. In 1977, Dollar Savings Bank installed its first automated teller machine (ATM). By 1981, the bank also started offering services for businesses.
Growing to New Markets
In 1984, Dollar Savings Bank expanded into the Cleveland, Ohio, area by acquiring Continental Federal Savings and Loan Bank. This helped the Cleveland bank become profitable again. The name of the bank was then changed to "Dollar Bank."
In 1997, Dollar Bank became one of the first banks to offer online banking through the Internet. In 1999, it helped create the Freedom ATM Alliance. This group of banks allows customers to use each other's ATMs without extra fees.
Dollar Bank has continued to grow by merging with other mutual banks. In 2016, it merged with Bank @lantec in Virginia and Progressive-Home Federal Savings and Loan in Pennsylvania. In 2021, it merged with Standard Bank.
National Recognition
In 1998, Dollar Bank's online banking service was recognized for its innovation by the Computerworld Smithsonian Innovation Collection.
New Products and Services
Dollar Bank has often been a leader in offering new financial products.
- In 2005, it launched the "CD Ladder," a new way to invest money in Certificates of Deposit.
- In 2007, it was the first to offer text messaging for banking.
- In 2008, it introduced mobile online banking.
- In 2009, it started offering reverse mortgages to help seniors with their finances.
Recent Updates
In 2012, Dollar Bank introduced video personal teller machines. These machines let customers talk to a live teller even outside normal banking hours.
James J. McQuade became the bank's new president in 2015 and CEO in 2016. He has worked at Dollar Bank for many years.
How Dollar Bank Works
Dollar Mutual Bancorp, the parent company of Dollar Bank, is very strong financially. It has over $1.32 billion in core capital as of 2025.
Business Banking
Dollar Bank helps businesses of all sizes. It offers different types of loans, lines of credit, and credit cards. Businesses can also use Dollar Bank's deposit accounts and online services to manage their money easily.
Other Services
Dollar Bank also has other businesses that help customers:
- Dollar Bank Servicing Center helps manage loans and mortgages.
- Dollar Bank Insurance Agency, Inc., offers life insurance.
Important Buildings
Pittsburgh Headquarters
Dollar Bank's main headquarters is at 20 Stanwix Street in Downtown Pittsburgh. Its historic building at 340 Fourth Avenue in Pittsburgh is listed on the National Register of Historic Places because of its importance.
Images for kids
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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
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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
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Smithfield Expansion - Boyd Building
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Fourth Avenue Building - Main Lobby Redecorated
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