Located at 54 Canal Street, this 12 story classical-style bank was built by architects Rouse & Goldstone for Sender Jarmulowsky in 1912. Jarmulowsky established his banking business on the Lower East Side in 1873 and was operating at this location by 1878. Here, recent immigrants could set up bank accounts, send remittances, and buy steerage tickets for their European relatives – in Yiddish. The bank quickly became a household name among Jews on both sides of the ocean.

According to legend, Jarmulowsky added the capital to the top of the building (now removed) so that it would be the tallest in the neighborhood. His original plan had not included this detail, but the Forward Building down the street on East Broadway went up simultaneously and was slightly taller than his bank prompting the architectural change. The bank become a testament to Jarmulowsky’s success as a businessman and reflected his prominence in the Jewish community of the Lower East Side.

Jarmulowsky died in 1912 shortly after the bank was completed, and his sons took over the business. unfortunately, they lacked their father’s business acumen and mismanaged the business. In 1914, at the start of World War I, the bank closed as many depositors made “runs” on the bank to get money to help their families in Europe. According to the New York Times, 2,000 people demonstrated in front of the bank. 500 people stormed the house where son Meyer Jarmulowsky lived, forcing him to escape across tenement rooftops. Jarmulowsky’s sons were indicted for banking fraud and the bank closed.

The State of New York took over the bank in May 1917 and auctioned it off.

In 2009, Jarmulowsky’s Bank building was designated a landmark by the Landmarks Preservation Commission. The building is currently (2015) being restored and the temple at the top will be rebuilt.