North Fork Bank
Encyclopedia
North Fork Bank was an American
bank from 1950 until 2008 when it became Capital One Bank (after the name of its new parent).
In November 2007, it had 365 branches in the New York metropolitan area
.
. Its earliest component was Southold Savings Bank in Southold, New York
(although the company dates its history from 1905 with the founding of Mattituck Bank in Mattituck, New York
which would become the most active early partner.
It first assumed the name of North Fork Bank & Trust Company in 1950 through the consolidation of Mattituck and First National Bank of Cutchogue in Cutchogue, New York
. North Fork Bancorporation was formed in 1980 and Southold Savings was acquired in 1988.
In the 1990s, it began an aggressive move into New York City
market with the acquisition of Eastchester Financial Corporation in Eastchester, New York in 1991; Bayside Federal Savings in Bayside, New York in 1994; the Bank of Great Neck in Great Neck, New York
in 1995; 10 locations of First Nationwide in 1996; North Side Savings in 1996; Branford Savings Bank in 1997; Home Federal Savings in 1998; Amivest Corporation in 1998; New York Bancorp in 1998; Reliance Federal Savings & Jamaica Savings Bank FSB in 1999; the domestic deposits of Commercial Bank of New York in 2001 (marking an expansion of its two branches in Manhattan
); the Trust Company of New Jersey in 2004, and GreenPoint Financial also in 2004.
Capital One acquired it and its Melville, New York
headquarters for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion into retail banking. On March 10, 2008, all North Fork Banks began using the Capital One branding.
At the time of its acquisition, the bank served the New York City metropolitan area
with over 350 branches and around $
60 billion in assets. The bank specialized in commercial banking. North Fork Bank CEO John Kanas incorporated the bank in 1980, joined Capital One with the 2006 acquisition, and in 2007, stepped down from his position as Capital One's head of banking.
The bank's reporting of unusual transactions of New York Governor Eliot Spitzer
led to the criminal investigation that led to the Governor stepping down in March 2008.
mortgages. In August, 2007, as a result of the subprime mortgage crisis, Capital One announced that it was eliminating its GreenPoint Mortgage unit, citing an inability to sell its mortgages on the secondary market. Capital One continues to offer mortgages through its bank branches and its Home Loans division.
The bank has naming rights to the world-famous North Fork Theatre at Westbury (formerly the Westbury Music Fair
). It is located in the Westbury postal-zone section of Jericho, New York
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
bank from 1950 until 2008 when it became Capital One Bank (after the name of its new parent).
In November 2007, it had 365 branches in the New York metropolitan area
New York metropolitan area
The New York metropolitan area, also known as Greater New York, or the Tri-State area, is the region that composes of New York City and the surrounding region...
.
History
North Fork early history was dominated by mergers of banks on the North Fork, Suffolk County, New YorkNorth Fork, Suffolk County, New York
The North Fork is a 30-mile-long peninsula in the northeast part of Suffolk County, New York, roughly parallel with an even longer peninsula known as the South Fork...
. Its earliest component was Southold Savings Bank in Southold, New York
Southold, New York
Southold is one of ten towns in Suffolk County, New York, United States. It is located in the northeastern tip of the county, on the North Fork of Long Island. The population was 20,599 at the 2000 census...
(although the company dates its history from 1905 with the founding of Mattituck Bank in Mattituck, New York
Mattituck, New York
Mattituck is a census-designated place in Suffolk County, New York, United States. The population was 4,198 at the 2000 census.Mattituck CDP roughly corresponds to the hamlet by the same name in the town of Southold.- History :...
which would become the most active early partner.
It first assumed the name of North Fork Bank & Trust Company in 1950 through the consolidation of Mattituck and First National Bank of Cutchogue in Cutchogue, New York
Cutchogue, New York
Cutchogue is a census-designated place in Suffolk County, New York . The population was 2,849 at the 2000 census.Cutchogue CDP roughly represents the area of Cutchogue hamlet in the town of Southold.-Geography:...
. North Fork Bancorporation was formed in 1980 and Southold Savings was acquired in 1988.
In the 1990s, it began an aggressive move into New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
market with the acquisition of Eastchester Financial Corporation in Eastchester, New York in 1991; Bayside Federal Savings in Bayside, New York in 1994; the Bank of Great Neck in Great Neck, New York
Great Neck, New York
The term Great Neck is commonly applied to a peninsula on the North Shore of Long Island, which includes the village of Great Neck, the village of Great Neck Estates, the village of Great Neck Plaza, and others, as well as an area south of the peninsula near Lake Success and the border of Queens...
in 1995; 10 locations of First Nationwide in 1996; North Side Savings in 1996; Branford Savings Bank in 1997; Home Federal Savings in 1998; Amivest Corporation in 1998; New York Bancorp in 1998; Reliance Federal Savings & Jamaica Savings Bank FSB in 1999; the domestic deposits of Commercial Bank of New York in 2001 (marking an expansion of its two branches in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
); the Trust Company of New Jersey in 2004, and GreenPoint Financial also in 2004.
Melville, New York
Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there.-Location:...
headquarters for $14.6 billion U.S. dollars. It was only the second bank bought by Capital One, and was the larger of two acquisitions comprising Capital One's 2005-06 expansion into retail banking. On March 10, 2008, all North Fork Banks began using the Capital One branding.
At the time of its acquisition, the bank served the New York City metropolitan area
New York metropolitan area
The New York metropolitan area, also known as Greater New York, or the Tri-State area, is the region that composes of New York City and the surrounding region...
with over 350 branches and around $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
60 billion in assets. The bank specialized in commercial banking. North Fork Bank CEO John Kanas incorporated the bank in 1980, joined Capital One with the 2006 acquisition, and in 2007, stepped down from his position as Capital One's head of banking.
The bank's reporting of unusual transactions of New York Governor Eliot Spitzer
Eliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
led to the criminal investigation that led to the Governor stepping down in March 2008.
GreenPoint Mortgage
In 2005, North Fork Bank acquired Greenpoint Finance Corp, one of the first innovators of Alt-AAlt-A
An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. Alt-A interest rates, which are determined by credit risk, therefore tend to be between...
mortgages. In August, 2007, as a result of the subprime mortgage crisis, Capital One announced that it was eliminating its GreenPoint Mortgage unit, citing an inability to sell its mortgages on the secondary market. Capital One continues to offer mortgages through its bank branches and its Home Loans division.
The bank has naming rights to the world-famous North Fork Theatre at Westbury (formerly the Westbury Music Fair
Westbury Music Fair
The NYCB Theater at Westbury is an entertainment venue located in Westbury, New York constructed in theater in the round style with seating for 3,000 that was originally developed as a means to present top performers and productions of popular theatrical musicals at a series of venues located in...
). It is located in the Westbury postal-zone section of Jericho, New York
Jericho, New York
Jericho is a hamlet in Nassau County, New York on the North Shore of Long Island. As of the United States 2010 Census, the CDP population was 13,567. The area is served by the Jericho Union Free School District, the boundaries of which differ somewhat from those of the hamlet...
.