Apple Bank finalizes Emigrant acquisition

Bill San Antonio

Apple Bank for Savings, which is based in Manhasset, announced April 30 the acquisition of most of Emigrant Savings Bank, according to a release.

The purchase totals approximately $3.3 billion in deposits over 29 Emigrant branches, located across Manhattan, Brooklyn, Bronx, Queens, Long Island and Westchester, that will now operate under the Apple name, the release said.

Following the purchase, Apple’s assets have increased from $9.8 billion to $13 billion, according to the release.

“The integration of these branches and their customers is a key milestone for Apple Bank as we mark our 150th year as a leading community savings bank,” Apple Bank Chairman, President and CEO Alan Shamoon said. “We now have a larger institution with enhanced competitive strengths to support the steady population growth in our markets. We have acquired a strong deposit customer base with demographics that complement our existing customer profile.”

Financial terms of the acquisition, first announced last July, were not disclosed.

Emigrant will retain its branches on East 42nd Street in Manhattan and in Ossing, N.Y., as well as its Internet-based accounts, the release said. Customers can now access any of Apple’s 77 branches across Long Island, the five New York City boroughs and Westchester.

“We will do everything possible to ensure a smooth transition for Emigrant customers, including keeping Emigrant deposit products very similar to the way they are now,” Shamoon said in February. “We are excited to offer our customers greater convenience, access to a greatly expanded network of branches and an extensive range of deposit and loan services. Customers can continue to expect the high level of personalized service delivered by the same professional and responsive bankers they have come to trust.” 

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Bill San Antonio

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