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Philadelphia Savings Fund Society
From Wikipedia, the free encyclopedia
Founded on December 20, 1816, in Philadelphia, Pennsylvania, PSFS, or the Philadelphia Savings Fund Society, was the first savings bank in the United States. In 1986, PSFS changed its corporate name to Meritor Savings Bank.
On December 11, 1992, the bank was seized by the FDIC and sold to Mellon Financial Corporation. A lawsuit brought by Meritor's estate against the Federal government regarding the seizure (Frank P. Slattery et al. v. the United States), alleging breach of contract, was successful. In February 2006, Judge Loren A. Smith awarded $371.73 million in damages, equalivent to about $6.50 a share, while apparently encouraging the appeals court to award an additional $402 million. [1][2]
PSFS's former headquarters at the corner of 12th and Market Streets, erected in 1932, is widely considered the first International Modernist skyscraper. The building was designed by Swiss-American architect William Lescaze and his partner George Howe. The building is a National Historic Landmark.
In 1997, the building was purchased by the Loews Corporation, and in April 2000 it reopened as the Loews Philadelphia Hotel. The signature PSFS sign, however, is considered an integral part of the historic architectural design and remains atop the building. The building rises 492 feet tall and is 32 stories.
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