Story
Banking on the Lower East Side: The Jarmulowsky Bank
Founded by Sender Jarmulowsky, the Jarmulowsky Bank provided vital services to the immigrants of the LES and today serves as a marker of the neighborhood's heritage.
Jarmulowsky Bank Building
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.
1
Jarmulowsky Bank Building
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.
2
Jarmulowsky Bank Building
The bank became a testament to Jarmulowsky’s success as a businessman and reflected his prominence in the Jewish community of the Lower East Side. He was the founding president of the Eldridge Street Synagogue just a few blocks away. The synagogue was the first great house of worship built by Eastern European Jews in America. At the time of its construction, in 1887, the synagogue was a powerful symbol of immigrant success; Jarmulowsky was an exemplar.
3
Jarmulowsky Bank Building
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.
4
Jarmulowsky Bank Building
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.
5
Jarmulowsky Bank Building
In 2009, Jarmulowsky’s Bank building was designated a landmark by the Landmarks Preservation Commission. The building is currently (2019) being restored, including the grand cupola overlooking the neighborhood.
6