Philadelphia Savings Fund Society
From Wikipedia, the free encyclopedia
| Philadelphia Savings Fund Society Building | |
|---|---|
| (U.S. National Historic Landmark) | |
 |
|
| Location: | 1200 Market St. Philadelphia, Pennsylvania |
| Coordinates: | Coordinates: |
| Built/Founded: | 1931 |
| Architect: | George Howe; William Lescaze |
| Architectural style(s): | Chicago, Moderne |
| Added to NRHP: | December 8, 1976 |
| NRHP Reference#: | 76001667[1] |
| Governing body: | Private |
PSFS, or the Philadelphia Saving Fund Society, was founded on December 20, 1816, in Philadelphia, Pennsylvania. It 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, equivalent to about $6.50 a share, while apparently encouraging Meritor to ask the appeals court to consider awarding an additional $402 million.[2][3]
[edit] The PSFS Building
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.
From 1897 to 1932, PSFS's headquarters were located at the corner of 7th and Walnut Streets, in a Beaux-Arts Classicism building designed by Philadelphia architect Frank Furness. The building still stands on the Western edge of Washington Square.
[edit] External links
- MeritorPSFS Shareholders Association, Inc.
- History of the PSFS Building
- PSFS Building at the Historic American Buildings Survey
- Historic images of the PSFS Building at the Hagley Library Digital Archives
- PSFS Building, historical information at Philadelphia Architects and Buildings
- The Loews Philadelphia Hotel
[edit] References
- ^ National Register Information System. National Register of Historic Places. National Park Service (2007-01-23).
- ^ New To The Site - Updates
- ^ http://www.uscfc.uscourts.gov/Opinions/Smith/06/SMITH.Slattery.pdf
|
|||||||||||||||||
|
||||||||||
