The 150-year-old Apple Bank for Savings has completed its acquisition of the majority of the retail network ”“ 29 branches ”“ of Emigrant Savings Bank.
Apple was granted federal regulatory approval in February.
Emigrant, which dates to 1850, remains in business, maintaining two branches ”“ one locally ”“ and its Internet division.
The 29 Emigrant branches are in the five boroughs, Long Island and Westchester and will now operate under the Apple Bank name. With completion of the transaction, Apple Bank”™s total assets have increased from $9.8 billion to almost $13 billion.
There are now three additional Apple Bank branches ”“ formerly Emigrant ”“ in Westchester: 33 Mamaroneck Ave., White Plains; 1753 E. Main St., Mohegan Lake; and 85 Pondfield Road, Bronxville.
Emigrant retains its branches on East 42nd Street in Manhattan and in Ossining, in addition to its Internet-based accounts.
Financial terms of the transaction, which was first announced July 2012, were not disclosed.
Alan Shamoon, chairman, president and CEO of Apple Bank, said, “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. 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.
“As banks across the country have reduced their number of branches, we remain committed to providing accessible neighborhood branch banking for individuals and businesses,” Shamoon said.
