European American Bank

The timeline below represents the history of this business until it became a part of the Citigroup family.

European American Bank (EAB) emerged from two strong banking currents, one European, in 1921, and one American, in 1974. On December 31, 1984, with a history of more than sixty years of antecedent banks, European-American Banking Corporation merged into European-American Bank & Trust Company to form European American Bank. In 1991, Dutch bank ABN AMRO became sole shareholder, and EAB became part of not only ABN AMRO's North American network but of an international network once again. Ten years later, in 2001, Citigroup Inc. acquired EAB from the Dutch.

1921

Société Générale de Banque (Belgium) opens a New York City office, Banque Belge pour L'Etranger.

1923

First National Bank of Inwood is formed.

1926

Franklin Square National Bank (“Franklin”) opens its Franklin Square branch with total capital and surplus of $62,500.

1935

Franklin offers first installment and FHA loans and cuts home mortgage applications from 30 to three days.

1939

Franklin is the first to hire high school students as part-time tellers.

1941

Franklin is first to open a walk-up outdoor banking facility, own a parking lot (Franklin Square), open a life insurance department, offer a medical insurance plan checkbook, and publish a bank annual report.

1947

Franklin Square National Bank drops "Square" from its name.

Franklin is first to offer junior savings accounts and the first commercial bank to refer to a time deposit as a savings account.

1950

Société Générale's Banque Belge pour L'Etranger becomes Belgian-American Banking Corporation and is state chartered.

Franklin and South Shore Trust Co. merge.

First National Bank of Inwood opens a drive-in-teller window.

1952

Franklin issues the first credit card and opens a municipal loan section.

Franklin and Bank of Farmingdale merge.

1953

Franklin and First National Bank of Bellmore merge.

1954

Franklin and First National Bank of Inwood, Great Neck Trust, and Nassau County National Bank merge.

Supreme Court favors Franklin's use of the word “savings” for interest-bearing accounts in commercial banks.

1955

Franklin and First National Bank of Glen Cove, Nassau County Trust, Roslyn National Bank & Trust merge.

1956

Franklin Square branch opens a drive-up window.

1957

Franklin and State Bank of Suffolk merge.

First issue of Franklin's Almanac (Franklin's employee magazine).

1958

Franklin and Central Islip National Bank merge.

No-smoking policy on Franklin's banking floors.

1960

Franklin and Federal Bank & Trust merge.

1961

Bronze statue of Benjamin Franklin is unveiled at Roosevelt Field.

1963

Franklin adorns branch construction at its flagship Hanover Square building with the sign “A Country Bank Coming to New York.”

Franklin Square branch opens second drive-up window.

1964

Franklin offers its first CD for under $100,000 and opens its first Private Banking branch, 410 Madison Avenue.

1965

Franklin is first New York bank to inaugurate a savings bond program (CD).

1966

Franklin opens its first in-store branch in White's discount department store in Middle Island and La Banque Continentale at 785 Fifth Avenue and Bank in a Park at Broadway and Howard Streets.

1967

Franklin and Federation Bank & Trust Company merge.

1968

Société Générale de Banque (Belgium), AMRO Bank (Netherlands), Deutsche Bank (Germany), and Midland Bank (Great Britain) purchase Belgium-American Bank & Trust and rename it European-American Bank & Trust Company.

1971

Creditanstalt-Bankverein (Austria) and Société Générale (France) become shareholders of European-American Bank & Trust Company, the largest European-owned banking group in the United States.

1972

A European financier acquires a majority of Franklin stock.

1973

Franklin's Manhattan executive headquarters, 450 Park Avenue, opens.

Franklin pilots Saturday hours at six branches.

1974

Franklin is placed in receivership; European-American Bank & Trust Company acquires selected Franklin assets and liabilities.

1975

EAB employee magazine is named EA People. It is renamed EAB Today in 1994.

1977

European American Bancorp is formed as the holding company to purchase European-American Bank & Trust Company (the subsidiary) stock. “EAB” becomes the bank's logo.

1978

European American Bank is one of New York's top 10 commercial banks.

1979

ABN Bank acquires LaSalle National Bank, of Chicago, Illinois.

1983

The first employees move into EAB Plaza.

1984

European-American Banking Corporation & Trust Company is reorganized into European American Bank.

EAB purchases 1107 Broadway and 55th Street branches from Bankers Trust.

1985

ABN/LASALLE North America Inc. is formed as management company for ABN Bank's North American operation.

First EAB ATMs go on line.

1989

Midland Bank sells its EAB shares to Creditanstalt-Bankverein.

Amsterdam-Rotterdam Bank N.V. (AMRO) increases ownership of European American Bancorp stock to 66.33%.

1990

AMRO announces merger with Algemene Bank of the Netherlands (ABN) to form ABN AMRO Holding N.V.

1991

ABN/LASALLE N.A. is renamed ABN AMRO North America, Inc. (AANA).

In June, ABN AMRO Bank N.V. becomes EAB's single shareholder.

1993

Corporate Lending activities are reorganized and New York City operations centralized in new quarters at 335 Madison Avenue.

1994

EAB's capital stock is increased in June. WASCO is acquired.

1995

First annual EAB Family Concert Series, Long Island Philharmonic.

1996

EAB acquires American Equipment Leasing (AEL). WASCO celebrates 25th anniversary.

EAB's Office of the Chairman realigns its management structure with delineation of sales and support functions; EAB creates the Community Development Corporation.

1997

ABN AMRO is listed on the New York Stock Exchange; EAB pays a $250 million dividend to ABN AMRO.

EAB issues $350 million of preferred stock and is a co-lender in construction financing of Harlem's first supermarket in 20 years.

EAB's first in-store branches put in two Wal-Mart locations.

1998

AEL celebrates 30th anniversary; Financial Strategies is licensed to sell life and health insurance; EAB opens a loan production office in Fairlawn, New Jersey.

EAB acquires Bankers Leasing in December.

1999

First issue of EAB's Community Notes.

2000

EAB acquires Olympian Bank in April and Fidelity Leasing in August; EAB Leasing is ranked 11th among bank-operated leasing companies.

EAB Park opens in Central Islip; AEL moves to new headquarters.

Bay Shore branch celebrates 100 years of service.

2001

EAB Financial Center at Hofstra University opens.

Comptroller H. Carl McCall deposits $50 million of New York State funds in EAB's South Bronx branch.

In February, Citigroup Inc. announces plan to acquire EAB for $1.6 billion and $350 million in preferred stock; in July, the Federal Reserve approves the purchase, effective July 17.