Emigrant Savings Bank is a private American financial institution, it is the oldest savings bank in New York City and the ninth-largest privately owned bank in America. It has several online-only divisions that offer high yield savings accounts, including Emigrant Direct, Dollar Savings Direct and their latest offering, My Savings Direct. The bank was founded in 1850 by 18 members of the Irish Emigrant Society with the goal of serving the needs of the immigrant community in New York. The headquarters used to be at the Emigrant Industrial Savings Bank building on Chambers Street. Emigrant Savings collected extensive records of the arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources. In 1986, The Emigrant Savings Bank converted from a mutual to a stock savings bank following several years of loss in an unfavorable environment. The bank increased its online presence with the introduction of the virtual bank Emigrant Direct in 2005.