The Bowery Savings Bank, then located at the Bowery and Grand Street in lower Manhattan, was among the parties who were seeking to add an uptown location, and in September 1920 its trustees unanimously agreed to look for an uptown site. The trustees soon found a site on 42nd Street. The bank's management were initially unenthusiastic about the 42nd Street site, because it was right next to the elevated Grand Central spur. However, the bank's president pointed out that the original Bowery Savings Bank Building was itself next to an elevated line and that the 42nd Street location was very close to Grand Central Terminal and its attached subway station. Another issue was that a standalone bank building could not be built at 42nd Street because it was too costly. As such, the trustees created a committee to start planning for the building in December 1920. The Bowery Savings Bank's decision reflected the northward movement of commerce in Manhattan, as well as the influence of suburbs on new development in New York City's core. 