Troy Savings Bank
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Troy Savings Bank, now owned by First Niagara Financial Group Inc. (FNFG) is a bank in Troy, Rensselaer County, New York, U.S.A..
It is notable for having a music hall constructed on the second floor above the bank itself (the Troy Savings Bank Music Hall), which is renowned for its acoustics, including a huge Odell concert organ.
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[edit] History of the bank and music hall
The Troy Savings Bank was founded in 1823[1], and moved to its current location in 1870. The plans for the new building included a music hall on the upper floor.
In the early years of the 20th century the Music Hall featured performances from artists such as Lillian Nordica, Henri Vieuxtemps, Ignace Jan Paderewski, Albert Spaulding, Sergei Rachmaninoff, Myra Hess and Jose Iturbi. In the 1930s and 1940s, artists including Vladimir Horowitz, Yehudi Menuhin and Artur Rubenstein played there. It was a usual stop for a musician on a tour around America.
Apparently not up to modern building codes, there was long a tradition that prior to each performance the Fire Marshal would come out on stage and announce "There is absolutely no smoking in the Hall. If you have to smoke, you can hit the streets at half time."
Following World War II, Troy's wealth declined and thus so did the bank's. Many public initiatives were begun to save the bank (and thus the music hall) from closure. Ideas included establishing a Museum of Industrial and Folk Art downstairs and renting the Hall itself to the area's many colleges.
[edit] History of the Odell Opus 190 Organ
The organ at the Troy Savings Bank Music Hall was built in 1882 as Opus 190 of J. H. & C. S. Odell of Yonkers, New York, and originally installed in the home of New York City financier William Belden. The original purchase price of the instrument was $12,470. The Troy Savings Bank purchased the organ from Mr. Belden in 1889 and the instrument was installed in the Music Hall during the months of August through October, 1890. The first notes from the Odell Opus 190 in the Hall were heard on October 20, 1890. The organ was maintained in usable condition until the 1960s, at which point it fell into disrepair.
In early 2006, an effort was mounted to restore the organ after decades of neglect. Under the impetus of the Organ Historical Society and Albany organist and composer Alfred V. Fedak, a crew of volunteers worked over the course of several weeks to restore the organ to playable condition. The instrument was featured during the Organ Historical Society's 2006 convention.
[edit] Today
[edit] Troy Savings Bank Music Hall
In 1979, the Troy Savings Bank Music Hall Revitalization Committee was founded by private citizens. With the bank's support and additional funding from the city and county for its administration, the Troy Savings Bank Music Hall Corporation was founded. A not-for-profit organization which still leases the Hall from the bank, it began its ownership with a performance by the Benny Goodman Band in 1980.
[edit] Corporate Re-Structuring and Buyout
- In 1999, the Troy Savings Bank converted to a public corporation[2].
- On January 16, 2004, First Niagara Financial Group, Inc. acquired Troy Financial Corporation, the holding company for the Troy Savings Bank, and Troy Commercial Bank[3].
[edit] References
- ^ http://www.troymusichall.org/about.asp
- ^ http://www.tsbfoundation.org/
- ^ http://www.snl.com/irweblinkx/corporateprofile.aspx?IID=4004398
