Later, in 1870, he organized the Emigrant Savings Bank, and became its president ("Patrick Donahoe's Case," 5). As his business ventures proved successful, he donated some of the wealth he acquired to the advancement of Catholic interests; he was well known in Boston for his philanthropy, establishing a home for destitute Catholic children and supporting other causes that helped the poor in his community ("Irish Leader," 1; "Passed His Birthday" 1). During the American Civil War he actively interested himself in the organization of the Irish regiments that volunteered from New England. And at a time when doubts about the patriotism of Catholics could still be heard, Donahoe used his newspaper to strongly advocate in favor of the union cause and write about the Irish soldiers serving in the war ("An Old Boston Publisher," 6). But his business was negatively affected by the Great Boston Fire of 1872, which also destroyed his publishing plant. Another fire in the following year and injudicious loans to friends, as well as some unwise real estate speculation ("Patrick Donahoe's Case," 5), made him lose so much money that his bank failed in 1876. Archbishop Williams purchased "The Pilot" to help to pay the depositors of the bank. Donahoe then started a monthly "Donahoe's Magazine", described as "a journal devoted to the Irish, at home and abroad" ("New Publications," 7). He also established a monetary exchange and passenger agency. In 1881 he was able to buy back "The Pilot" and devoted his remaining years to its management. In 1893 the University of Notre Dame gave him the Laetare Medal for signal services to American Catholic progress. After falling at home, Donahoe was bed-ridden, and throughout the year 1900, he was in declining health. When he finally died at his home, just after St. Patrick's Day in 1901, at the age of 90, his family had been expecting it; his wife, three sons and a daughter were at his bedside ("Tears From All," 6). His death was front page news in all the Boston newspapers. Typical of the acclaim he received was a headline in the Boston Herald which referred to him as "A Patriot and the Patriarch of His Race Among the People of New England" ("Mr. Donahoe's Life," 1).