page_title: Franklin National Bank
section_title: History and banking innovations
hierarchical_section_title: Franklin National Bank / History and banking innovations
caption_attribution_description: English: Sign for the historic Franklin National Bank, on the southwest corner of Hempstead Turnpike (NY 24) and James Street, in Franklin Square, New York. This is an image of a place or building that is listed on the National Register of Historic Places in the United States of America. Its reference number is 15000776
context_page_description: Franklin National Bank, based in Franklin Square in Long Island, New York was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances, involving Michele Sindona, renowned Mafia-banker and member of the irregular freemasonic lodge, Propaganda Due. It was at the time the largest bank failure in the history of the country.
context_section_description: The bank was founded as Franklin Square National Bank in 1926 (but changed its name to Franklin National Bank in 1947).  Its original location was built in 1929 on Franklin Square.  It was subsequently expanded in stages through 1955.  It consists of the original 1929 one-story, Colonial Revival style  building; a 1939 expansion; a 1946/47 expansion which included the addition of a second floor, pediment, partial hipped roof, cupola, rear four-story addition and a two-story banking hall; and a 1955 four-story rear office addition and drive-through teller.  The building remained the bank's headquarters until 1960, when a new headquarters was built in Mineola, New York.  The building was listed on the National Register of Historic Places in 2015.
  Arthur T. Roth joined the bank in 1934 as head teller and became president in 1946.  Under his leadership, Franklin National Bank introduced many banking innovations, such as:
  Junior savings accounts (1947)
  The drive up teller window (1950)
  The bank credit card (1951)
  A no-smoking policy on banking floors (1958)
  Installed outdoor teller machines at branch banks (1968)
  Franklin Savings Bond which later developed into the Certificate of Deposit (1969)
  In 1964, Franklin opened branch offices in New York City, and in 1967 merged with Federation Bank & Trust Company.  In 1968, Roth was removed as CEO by his protégé, Harold Gleason, after an alleged conflict of interest real estate scandal involving Donald Roth and the proposed airfield development at Calverton, NY (see Newsday). In 1970, Roth lost his position as Chairman and was pushed off the board of directors in favor of an influential future promised by Michele Sindona. Gleason then became Chairman and Chief Executive Officer, inviting Laurence Tisch to join as Vice Chairman as he was a 22% shareholder.
caption: Town of Hempstead sign recognizing the historic significance of the bank.
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