Franklin National Bank facts for kids
Quick facts for kids |
|
|
Franklin Square National Bank
|
|
The original headquarters for Franklin National Bank on NY 24 and James Street, now a Chase Bank branch.
|
|
 Location in New York
Location in the United States
|
|
| Location | 952 Hempstead Turnpike, Franklin Square, New York |
|---|---|
| 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 |
Franklin National Bank, based in Franklin Square in Long Island, New York was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances, involving Michele Sindona, renowned Mafia-banker and member of the irregular freemasonic lodge, Propaganda Due. It was at the time the largest bank failure in the history of the country.
History and banking innovations
The bank was founded as Franklin Square National Bank in 1926 (but changed its name to Franklin National Bank in 1947). Its original location was built in 1929 on Franklin Square. It was subsequently expanded in stages through 1955. It consists of the original 1929 one-story, Colonial Revival style building; a 1939 expansion; a 1946/47 expansion which included the addition of a second floor, pediment, partial hipped roof, cupola, rear four-story addition and a two-story banking hall; and a 1955 four-story rear office addition and drive-through teller. The building remained the bank's headquarters until 1960, when a new headquarters was built in Mineola, New York. The building was listed on the National Register of Historic Places in 2015.
Arthur T. Roth joined the bank in 1934 as head teller and became president in 1946. Under his leadership, Franklin National Bank introduced many banking innovations, such as:
- Junior savings accounts (1947)
- The drive up teller window (1950)
- The bank credit card (1951)
- A no-smoking policy on banking floors (1958)
- Installed outdoor teller machines at branch banks (1968)
- Franklin Savings Bond which later developed into the Certificate of Deposit (1969)
In 1964, Franklin opened branch offices in New York City, and in 1967 merged with Federation Bank & Trust Company. In 1968, Roth was removed as CEO by his protégé, Harold Gleason, after an alleged conflict of interest real estate scandal involving Donald Roth and the proposed airfield development at Calverton, NY (see Newsday). In 1970, Roth lost his position as Chairman and was pushed off the board of directors in favor of an influential future promised by Michele Sindona. Gleason then became Chairman and Chief Executive Officer, inviting Laurence Tisch to join as Vice Chairman as he was a 22% shareholder.
