A financial institution , sometimes called a banking institution , is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution:
16-671: The Williamsburgh Savings Bank was a financial institution in Brooklyn , New York, from 1851 to 1986. The bank was incorporated in 1851 under legislation passed by the New York State Assembly . The bank continued to operate until a series of mergers brought the bank into the HSBC group late in the 20th century. The Williamsburgh Savings Bank is remembered today for two imposing headquarters buildings still standing. The domed original at 175 Broadway , designed by George B. Post and opened to
32-599: A branch at Walt Whitman Mall in Suffolk County, Long Island , in 1976. Republic National Bank acquired the Williamsburgh Savings Bank and its branches in 1986. Republic, in turn, merged with Manhattan Savings Bank three years later. Republic and its branches were then acquired by HSBC Bank USA in 1999. Financial institution Financial institutions can be distinguished broadly into two categories according to ownership structure: Some experts see
48-583: A heavily regulated environment because they are critical parts of countries' economies, due to economies' dependence on them to grow the money supply via fractional-reserve banking . Regulatory structures differ in each country, but typically involve prudential regulation as well as consumer protection and market stability. Some countries have one consolidated agency that regulates all financial institutions while others have separate agencies for different types of institutions such as banks, insurance companies and brokers. Countries that have separate agencies include
64-583: A trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business strategies. A consequence of this might be fewer banks serving specific target groups, and small-scale producers may be under-served. This is why a target of the United Nations Sustainable Development Goal 10 is to improve the regulation and monitoring of global financial institutions and strengthen such regulations. Standard Settlement Instructions (SSIs) are
80-513: The Financial Supervisory Authority of Norway , Germany with Federal Financial Supervisory Authority and Russia with Central Bank of Russia . Merits of raising funds through financial institutions are as follows: Counterparty A counterparty (sometimes contraparty ) is a legal entity , unincorporated entity , or collection of entities to which an exposure of financial risk may exist. The word became widely used in
96-536: The Long Island Rail Road 's Atlantic Terminal . The LPC designated the exterior of the building as a New York City landmark in 1977. The interiors of both 175 Broadway and One Hanson Place became city landmarks in 1996. The Williamsburgh Savings Bank was chartered in 1851. The bank was originally housed in the basement of a church at Bedford Avenue and South 3rd Street; it had 158 depositors and $ 15,000 in assets. In 1854, it relocated to its own building across
112-843: The United States , where the key governing bodies are the Federal Financial Institutions Examination Council (FFIEC), Office of the Comptroller of the Currency – National Banks, Federal Deposit Insurance Corporation (FDIC) State "non-member" banks, National Credit Union Administration (NCUA) – Credit Unions, Federal Reserve (Fed) – "member" banks, Office of Thrift Supervision – National Savings & Loan Association, State governments each often regulate and charter financial institutions. Countries that have one consolidated financial regulator include: Norway with
128-412: The contracting party when completing "over the counter" securities transactions. The term is generally used in this context in relation to " counterparty risk ", which is the risk of monetary loss a firm may be exposed to if the counterparty to an over-the-counter securities trade encounters difficulty meeting its obligations under the terms of the transaction. Within the insurance sector, this term
144-478: The 1980s, particularly at the time of the Basel I deliberations in 1988. Well-drafted contracts usually attempt to spell out in explicit detail what each counterparty's rights and obligations are in every conceivable circumstance, though there are limits. There are general provisions for how counterparties are treated under the law, and (at least in common law legal systems) there are many legal precedents that shape
160-541: The U.S. Each savings bank in New York had been limited to one location until 1923, when the state legislature passed a law allowing savings banks to construct branches. Following this, in mid-1926, the bank decided to build a headquarters at One Hanson Place , near Downtown Brooklyn 's transit hub. The 175 Broadway building was to be retained as a branch. A temporary branch at Flatbush and Atlantic Avenues opened in January 1927, and
176-501: The agreements between two financial institutions which fix the receiving agents of each counterparty in ordinary trades of some type. These agreements allow the related counterparties to make faster operations since the time used to settle the receiving agents is conserved. Limiting each subject to an SSI also lowers the likelihood of a fraud . SSIs are used by financial institutions to facilitate fast and accurate cross-border payments. Financial institutions in most countries operate in
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#1732855124601192-408: The bank had 16,000 clients who had deposited a combined $ 5 million. To accommodate the growth of the bank, the domed 175 Broadway headquarters was constructed from 1870 to 1875. Despite expansions in 1906 and 1923, the 175 Broadway headquarters was no longer sufficient for the bank's needs by the 1920s. The bank had 139,000 depositors and $ 212 million in assets in 1928, making it the fourth-largest in
208-582: The common law. Within the financial services sector, the term market counterparty is used to refer to governments , public banks , national monetary authorities and international monetary organisations such as the World Bank Group that act as the ultimate guarantor for loans and indemnities. The term may also be applied, in a more general sense, to companies acting in this role. Also within financial services, counterparty can refer to brokers, investment banks , and other securities dealers that serve as
224-610: The permanent Hanson Place headquarters opened two years later on April 1, 1929. A life-insurance sales department opened at both of the Williamsburgh Savings Bank's branches in 1941. In 1948, the bank filed plans with the New York City Department of Buildings to build another branch at 2301 86th Street in Bay Ridge, Brooklyn . In 1951, the bank filed plans for another branch on New Lots Avenue in New Lots, Brooklyn . The bank opened
240-691: The public in 1875, is located at Broadway and Driggs Avenue in Williamsburg, Brooklyn . The building's exterior was protected by the New York City Landmarks Preservation Commission (LPC) in 1966, and it was added to the National Register of Historic Places in 1980. In 2010 Juan Figueroa bought the building and adjacent property for $ 4.5 million for conversion to a banquet hall named Weylin. The later Williamsburgh Savings Bank Tower opened in 1929 at One Hanson Place, near
256-555: The street. The bank served the City of Williamsburg, which lost the "h" on Jan. 1, 1852, when the Town of Williamsburgh became the City of Williamsburg; the bank retained the old spelling. The bank had earned enough to cover the cost of the second building and its underlying land in its first seven years. In the aftermath of the American Civil War , the bank's holdings grew considerably. By 1867,
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