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Howard Savings Bank

 
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Mickey Di
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Location: Lumberton, NJ

PostPosted: Tue Apr 11, 2006 11:46 am    Post subject: Howard Savings Bank Reply with quote

I worked for the Howard Savings Bank, formerly the Howard Savings Institution, from 1968 until its demise in 1992. The Bank was started in 1857 in Newark and remained there until the early 80's when it moved its headquarters to Livingston. Most people remember the Bank because of its school savings program as well as its mortgage business throughout the state of NJ. We always referred to our employees as the Howard Family because it truly was. For years there were annual family picnics that just about everyone went to. In fact, I posted a while back that my Dad owned a Kiddie Ride business in Newark and he used to work these picnics way before I started working for the Bank. It was a great place to work and I miss all the wonderful people who worked there with me.
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Jule Spohn
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PostPosted: Tue Apr 11, 2006 2:54 pm    Post subject: Reply with quote

Hello Micky. I still have my Howard Savings Bank saving book from the 50's. I think I have a balance in it of about $2.59. Wonder how much that would be in today's terms.

Every time I drive down Broad Street and see those beautiful columns on the front of the building covered up the way they are it makes me mad as heck. The only consolation I get is that I hope, and believe, that those columns are being preserved and at some time in the future will be uncovered and restored to their former beauty.

For those of you who have not seen that building in quite awhile, today it is some type of a kids toy store - something like Kids Are Us.
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Alain
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PostPosted: Tue Apr 11, 2006 6:52 pm    Post subject: Reply with quote

Hi Jule & Mickey,

Jule, I too still have my bankbook. My folks used to give me $.25 to put in my account. We used to do it in class every week, as I recall. Maybe it was every month(!)

I also remember that there was a branch of Howard Savings in Irvington, right next to Wilderroter's [sp?] on Springfield Ave, just before you got to the Garden State Parkway overpass.

When I worked in East Orange, after graduating Irvington Tech, I used to take the #90 Grove from Springdale Avenue [in East Orange] all the way across Grove Street to Springfield Ave. Walk the 2 blocks to deposit my check in my Howard Savings Bank savings account.

Today, I probably could have cashed my check on the bus...LOL!

Alain
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Mickey Di
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PostPosted: Thu Apr 13, 2006 4:23 pm    Post subject: Reply with quote

Hi Alain - Funny that you should mention that branch on Springfield Avenue in Irvington - I worked there as a teller from '68 to '70 while I was attending Seton Hall University. I went back in '72 as the Branch Manager. That was the busiest branch that the Howard had at the time and then the Stuyvesant Village Branch in Irvington took over the top spot.
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Joey George
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PostPosted: Fri Apr 21, 2006 1:29 pm    Post subject: Reply with quote

Jule Spohn wrote:
Hello Micky. I still have my Howard Savings Bank saving book from the 50's. I think I have a balance in it of about $2.59. Wonder how much that would be in today's terms.

Every time I drive down Broad Street and see those beautiful columns on the front of the building covered up the way they are it makes me mad as heck. The only consolation I get is that I hope, and believe, that those columns are being preserved and at some time in the future will be uncovered and restored to their former beauty.

For those of you who have not seen that building in quite awhile, today it is some type of a kids toy store - something like Kids Are Us.


That could be the store that Danny Buckely said was "We Be Kids"

The Howard was one of many great banks that got caught in the real estate downturn in the late 80's early 90's that began in Texas, routed up to New England and subsequently took the whole east coast. The ironic thing is that of all the banks that sufferred, Midlantic (formerly National Newark and Essex) had the WORST loan portfolio with nearly 30% of its loans on watch. Yet we survived and it was because of two reasons - the swift booting of old management AND the fact that Midlantic had several bank subsidiries that were performing but would have lost a sizable portion of its deposit and loan base had the OCC/' FRB closed us down. Inotherwords, it was less costly to keep Midlantic going than to take it over. Well, it was a gamble that worked, In 5 years Midlantic became significantly profitable again and BOOM; the new management sold it! And thats why I am in Pittsburgh.
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Jule Spohn
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PostPosted: Fri Apr 21, 2006 10:58 pm    Post subject: Reply with quote

Hello Joey. If you remember back to the late 60's early 70's banks could only operate in the county where their hedquarters was located. Once they change that rule then the banks began expanding all over the place - including NN&EB - where I worked from 1967 till 1970 in the Trust Dept. Colin Browning was my boss in those days. Ring a bell?
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Vailsburg TomK
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PostPosted: Sun Apr 30, 2006 3:44 pm    Post subject: Reply with quote

Joe George @ Pittsburgh ?

Vailsburg TomK is (Kelly) Commercial Loan Operations Dept,
NNE, and Midlantic.
Boss was George Kvamme.
Later worked for Ron Cantoni in the Transaction Support Dept West Orange under Scott Gerth.
(Griffie-Covert-Cantoni-Gerth was the chain of command).
UNTIL all processing and support went to Pittsburgh and Center City Philadelphia.
Knew a number of Corp Banking execs and Comptrollers who went to Pittsburgh.
Others sadly just ? ?went?.
I remember that the expected take over of Midlantic did not occur because the Feds unofficially determined that though it should have been it was not in the best interests of the region to do so.

And, remember those famous large murals in the NNE main office at 744 Broad St.?

-Vailsburg TomK-
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Jule Spohn
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PostPosted: Sun Apr 30, 2006 9:20 pm    Post subject: Reply with quote

Hello Vailsburg Tom K. Those beautiful mural's on the second floor banking area, as well as that entire building had undergon a multi million dollar restoration a year or so ago. I haven't been in there yet to see it but every thing I read about it tells about how beautiful those murals have been restored.
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Vailsburg TomK
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PostPosted: Tue May 02, 2006 7:48 pm    Post subject: Reply with quote

Jule -
Quote:
every thing I read about it tells about how beautiful those murals have been restored.

Oh that is great to hear. They were something and a real part of Newark history, as well as unusual art work.
Thanks for the info. Cool
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