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Emigrant Bank in New York has received regulatory approval to sell branches to Apple Bank for Savings.
February 28
Emigrant Bank in New York has sold 29 branches to Apple Bank for Savings.
The sale, announced in July and completed Tuesday, included $3.2 billion in deposits. Financial terms of the deal were undisclosed.
Apple Bank, of Manhasset, N.Y., now has roughly $13 billion in assets and 77 branches in the New York area, it said in a press release.
"We have acquired a strong deposit customer base with demographics that complement our existing customer profile" and will be able to offer more products, Apple Bank CEO Alan Shamoon said in the release.
Emigrant says it still has deposits of more than $5 billion; it also kept its flagship branch in midtown Manhattan and a branch in Ossining, N.Y., as well as its Internet-based businesses and other lending platforms and portfolios. Emigrant has roughly $9 billion in assets.
"Emigrant's new configuration will allow the bank to continue its long history of providing the highest quality financial services to the communities we serve," Howard Milstein, Emigrant's chief executive, said in a press release. "Significantly, we retain the bulk of our deposits and 100% of all other operations."
Emigrant was founded in 1850 by the Irish Emigrant Society to address the financial needs of the immigrant community. Apple Bank was founded in 1863.
