photograph by Wurts Bros. from the collection of the Museum of the City of New York
Born in Italy in 1876, Raffaele Prisco arrived in New York City in 1901, "a penniless immigrant," as recalled by The New York Times decades later. He and his wife had three sons, Henry, George W., and Joseph.
Prisco found success in his new homeland and on July 13, 1914 he founded the Prisco Bank, a private institution. His work within the Italian immigrant community had led the Government of Italy to make him a Chevalier of the Crown of Italy and he proudly signed the state's paperwork, "C. R. Prisco," or Chevalier Rafaele Prisco. George W. and Joseph W. Prisco became vice-presidents of the Prisco Bank, while Henry pursued a law career.
Prisco gained additional popularity within the community by conspicuous acts. That was the case on November 4, 1926 when he "created a small riot in Mulberry Street by throwing handfuls of new dimes to hundreds of children who had gathered in the street outside his bank," reported The New York Times. The article said it was Prisco's way of celebrating Alfred E. Smith's re-election as Governor.
In the meantime, in their private lives Prisco and his sons exhibited much less attractive attributes. Raffaele was closely allied to Tammany Hall and became a close ally of Benito Mussolini. It was George, however, who first showed a dark side. In 1918 he was tried twice for assaulting a 16-year-old girl and acquitted both times. Her mother, Elizabeth Schroeder, won a $5,132.10 decision in a civil suit two years later. (It was a major win for the girl, equal to more than $82,000 today.)
George married his wife, Grace, on June 2, 1920. The bride quickly discovered that she was in an abusive relationship. Charging "cruel and inhuman treatment," she filed for separation seven months later, on January 25, 1921. She told the judge in part:
I was compelled to wear two old skirts previously worn by my mother-in-law. I had to wear my husband's socks. I had no coat, so I wore one given to me by my mother-in-law. It was thirteen years old.My husband left me alone at night to take other girls on motor trips. He refused to take me with him to Cuba when he went on November 20, 1920. He ordered me not to laugh. He refused to speak English in my presence.
George, additionally, told Grace that he had a girlfriend and once woke her up simply to tell her that he was in love with that woman.
Joseph Prisco was in the news three months later. He and his chauffeur, James Whitcroft, offered a ride to two school teachers, Marjorie Foster and Leonore Nornelle. The women testified that Whitcroft drove them "to a lonely neighborhood in Flatlands" and the two men made physical advances. "The young women jumped out of the auto," reported The Evening World on April 27, 1921. Prisco and Whitcroft were arrested. "Prisco put up bail for himself and the chauffeur," said the article.
In 1923, Raffaele Prisco commissioned the architectural firm of Koch & Wagner to design an impressive bank building at 73 Mulberry Street. Costing $40,000 to erect (about $753,000 in 2026 terms), the marble-faced, neo-Classical-style edifice was completed in 1924. It featured a bronze entranceway within a column-flanked arch that echoed Classical Roman triumphal arches. (The building was strikingly similar to C. P. H. Gilbert's Italian Savings Bank on East 116th Street, erected the previous year.)
Koch & Wagner's design was remarkably similar to C.P.H. Gilbert's Italian Savings Bank (above), erected a year earlier. photograph by Wurts Bros. from the collection of the Museum of the City of New York
On February 20, 1924, The New York Times reported on the bank's formal opening. "Raffaele Prisco escorted [Police] Commissioner Richard E. Enright and the other newly elected directors through the premises," said the article.
Suspiciously, the day after the Prisco Bank building opened, "a rumor whispered over the telephone," as reported by The New York Times, caused a run on the Italian Savings Bank on East 116th Street. "Throughout the afternoon the bank officials were kept busy explaining that the bank was solvent and that there was no reason for the report of failure," said the article. The panicked depositors withdrew their savings and rushed downtown to 73 Mulberry Street.
The New York Times reported on February 22, "police of the Oak Street Station were called to restrain would-be depositors who wanted to put their money in the Prisco Bank...About 2,000 depositors were added to the bank's clients yesterday. Many were peddlers. The deposits ranged from $50 to $1,000."
The article noted, "The bank is soon to be organized as a State bank." That took place in August 1924 and bronze letters announcing "Prisco State Bank" were installed under the "Prisco Bank" name carved into the marble parapet.
On June 14, 1925, Raffaele Prisco sailed to Italy, "to establish a branch bank in Naples," said The New York Times. His wife and son George accompanied him on the voyage. Standing on the pier to send them off was a group of officials that included Richard Enright, Congressman Fiorello La Guardia, and at least two judges, Rueben Haskell and John P. Cohalan.
The article mentioned, "Mr. Prisco expects to meet Premier Mussolini, whom he has known for many years," adding, "He plans to erect a monument at Giuseppe, his native village, near Naples, to the soldiers who died in the war."
Workers clean Mulberry Street in front of the bank in 1927. from the collection of the New York Public Library
George Prisco's disturbing treatment of his first wife paled in comparison to the abuse his second wife, Marie, suffered. George married the 20-year-old in October 1925. Three months later, at 2:00 on the morning of November 10, Prisco telephoned the night clerk of the Hotel St. George in Brooklyn, "asking him to send a physician to Room 593, where his wife had been injured in an accident." The house physician rushed up to find Marie bleeding from a gunshot in the abdomen.
A terrified Marie told police that George had been in the bathroom and his pistol was on the dresser. She said, "in moving it to one side it had slipped to the floor and gone off." It was not long before officials debunked the couple's story. Three weeks later, District Attorney Charles J. Dodd asserted that medical examinations proved that the injury "could not have been self-inflicted and that Mrs. Prisco's dress was scorched, indicating that the pistol must have been fired at close range."
George Prisco had disappeared and the family "professed ignorance" as to his whereabouts, reported The New York Times on November 17. Marie Prisco told reporters, "I'm so sorry I made the mistake of marrying him. He's not worth talking about."
On August 28, 1931, Superintendent of Banks Joseph A. Broderick closed the Prisco State Bank upon the discovery of "embezzlements totaling about $130,000," reported The New York Times. The defalcation would turn out to be slightly more.
Joseph W. Prisco fled Manhattan. He was arrested in Ocean Grove, New Jersey on August 7. The New York Times reported that he faced "three indictments [that] accuse him of taking $133,000." Raffaele Prisco had already been arrested for the embezzlement and "in connection with the disappearance of $17,000 in Italian Government bonds placed in the bank for safe-keeping." Little by little, additional fraudulent dealings and missing funds were discovered by investigators.
Push cart vendors lined the curb in front of the bank. from the collection of the New York Public Library
On August 3, 1931, a reader of the Daily Worker vented his wrath in a letter to the editor. It started saying, "Just a few lines to expose the capitalist crooks." He noted, "The majority of the poorest Italian people had money in this bank" and went on to say, in part:
Three months ago a friend of mine sent $29 to his sick father in Tauroso, Italy, through this bank, but no money has been received as yet. A month after the depositing of this money in the Prisco Bank, my friend went to the bank to protest against the money not being forwarded. The officials of the bank told my friend that a mistake had been made, but that the money would be sent at once by telegram. Three months have passed now an no money has been received by the sick father. How many people have lost their money in the same way would be hard to say, but we can safely say that there have been many.
On February 17, 1932, Raffaele Prisco was sentenced to no less than three years in the penitentiary and Joseph W. Prisco to up to five years. Henry Prisco was in the courtroom during the sentencing. He stood up, pointed toward a group of lawyers standing near the judge and blurted, "I'll get you fellows!" As Henry was being hustled out of the courtroom, he turned to his brother's and father's attorney, Caesar B. F. Barra, and shouted, "I'll get you, too, Barra!"
The marble bank building sat vacant for another eight years. It was demolished in 1940--just 16 years after opening--to be replaced by a two-story brick store-and-apartment building.




























.jpeg)





.png)