Franklin National Bank facts for kids
Quick facts for kids |
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Franklin Square National Bank
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The original headquarters for Franklin National Bank on NY 24 and James Street, now a Chase Bank branch.
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 Location in New York
Location in the United States
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| Location | 952 Hempstead Turnpike, Franklin Square, New York |
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| Area | 0.35 acres (0.14 ha) |
| Built | c. 1929-1955 |
| Built by | Arthur T. Roth |
| Architectural style | Colonial Revival |
| NRHP reference No. | 15000776 |
| Added to NRHP | November 10, 2015 |
The Franklin National Bank was once a very large bank in the United States. It was based in Franklin Square on Long Island, New York. In 1974, the bank faced serious financial problems and had to close down. At that time, it was the biggest bank failure in the country's history.
The Story of Franklin National Bank
The bank started in 1926 as Franklin Square National Bank. It changed its name to Franklin National Bank in 1947. Its first building was built in 1929 in Franklin Square. Over the years, this building was made bigger in different steps until 1955.
The original building from 1929 was a one-story building designed in the Colonial Revival style. Later, in 1939 and 1946-47, more parts were added. This included a second floor, a special roof shape called a pediment, and a small tower called a cupola. A four-story addition and a two-story banking hall were also built. In 1955, a four-story office addition and a drive-through teller window were added.
This building was the bank's main office until 1960. Then, a new main office was built in Mineola, New York. In 2015, the original building was listed on the National Register of Historic Places. This means it is an important historical place.
Banking Firsts and Innovations
Arthur T. Roth joined the bank in 1934. He became the president in 1946. Under his leadership, Franklin National Bank came up with many new ideas for banking. These ideas made banking easier and more modern for people.
Some of the cool new things they introduced were:
- Junior savings accounts (1947): These were special savings accounts for kids.
- The drive-up teller window (1950): This let people do their banking from inside their car.
- The bank credit card (1951): Franklin National Bank was one of the first to offer a credit card.
- A no-smoking policy on banking floors (1958): This made the bank a healthier place for everyone.
- Outdoor teller machines (1968): These were early versions of ATMs, letting people get cash outside the bank.
- Franklin Savings Bond (1969): This later became known as a Certificate of Deposit (CD). It was a way to save money and earn interest.
In 1964, Franklin National Bank opened offices in New York City. In 1967, it joined with another bank called Federation Bank & Trust Company. Later, in 1968, Arthur Roth left his top position. The bank's leadership changed again in 1970.
Images for kids
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A sign from the Town of Hempstead recognizing the bank's history.
