Apple Bank for Savings Completes Acquisition of 29 Branches From Emigrant Savings Bank

Apr 30, 2013, 08:30 ET from Apple Bank for Savings

MANHASSET, N.Y., April 30, 2013 /PRNewswire/ -- Apple Bank for Savings, the second-largest state chartered savings bank in New York, announced today that it has completed its acquisition of the majority of the retail branch network of Emigrant Savings Bank.  The branches, located in Manhattan, Brooklyn, Bronx, Queens, Long Island and Westchester, now operate under the Apple Bank name.

Apple Bank purchased 29 branches with $3.3 billion in deposit accounts.  With completion of the transaction, Apple Bank's total assets have increased from $9.8 billion to almost $13 billion.

Alan Shamoon, Chairman, President and Chief Executive Officer 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."

Shamoon said, "Our expansion within our existing footprint allows our customers to enjoy greater convenience, and they can bank at any of our branches in greater New York. Customers will have access to additional services, state-of-the-art technology and more locations staffed by our local bankers from both Apple and Emigrant. As a result of our expansion, we are even more able to deliver a broad array of products to our customers while remaining small enough to provide them with a caring level of personalized service."

Shamoon continued, "Our communities also benefit from our increased presence in local neighborhoods. As banks across the country have reduced their number of branches, we remain committed to providing accessible neighborhood branch banking for individuals and businesses."

On April 20th and 21st, the acquired branches were converted to Apple Bank's computer system. On April 22nd, all deposit accounts and services from acquired branches became Apple Bank accounts and services. Customers can now transact business at any of Apple Bank's 77 branches, located in Manhattan, Brooklyn, Bronx, Queens, Staten Island, Long Island and Westchester.

Founded in 1863, Apple Bank is one of the nation's strongest financial institutions. The Bank has remained consistently profitable with almost no non-performing loans throughout the most recent financial crisis. As of December 31st, 2012, Apple Financial Holdings, Inc., the Bank's parent company, reported total capital and reserves of $816 million. The Bank's balance sheet is comprised of high-quality loans and securities, and its capital ratios, including total risk-based capital of 26%, are among the strongest in the industry.

Emigrant has retained its branches on East 42nd Street in Manhattan and in Ossining, NY, in addition to its Internet-based accounts.

Financial terms of the transaction, which was announced July 20th, 2012, were not disclosed. 

RBC Capital Markets, LLC served as financial advisor to Apple Bank in this transaction.

The law firms of Arnold & Porter LLP and Stern, Tannenbaum & Bell served as legal advisors to Apple Bank in this transaction.


SOURCE Apple Bank for Savings