NY TIMES: Sender Jarmulowsky arrived in the
Sender Jarmulowsky died in 1912 as his building neared completion; The Times noted he left "only $501,053" as an estate, apparently expecting much more. His sons Harry and Louis continued the business. In 1917, as depositors withdrew nearly $3 million to send to overseas relatives caught in the war, the State Banking Department took over Sender Jarmulowsky's bank. It had liabilities of $1.25 million and assets of only $600,000. Over 5,000 depositors crowded around the branch and Harry and Louis Jarmulowsky were indicted for banking fraud later in the year. The bank never reopened and the building was sold at a bankruptcy auction in 1920.