Emigrant Bank Completes Sale Of Branches To Apple Bank For Savings

Emigrant Bank retains two-thirds of its deposits, all loans and lending businesses, main branches and Internet banks

Apr 30, 2013, 10:32 ET from Emigrant Bank

NEW YORK, April 30, 2013 /PRNewswire/ -- Emigrant Bank announced the closing of its sale of 29 of its bank branches to Apple Bank for Savings.

Included in the sale were approximately $3.2 billion of Emigrant's $8.5 billion in deposits. Emigrant retained its headquarters and flagship main branch on 42nd Street in midtown Manhattan, along with its Westchester headquarters and branch in Ossining, NY.

The resulting, more streamlined Emigrant retains more than $5 billion in deposits as well as all its lending platforms and portfolios, including its residential mortgage, mixed-use and small business lending businesses. Emigrant also retained its two Internet banks, EmigrantDirect and DollarSavingsDirect.

Financial terms of the transaction were not disclosed.

Philanthropist, business and civic leader Howard P. Milstein, Chairman, President and CEO of Emigrant and its parent company, New York Private Bank & Trust, said: "We are pleased to complete this transaction with Apple Bank. 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.

"Significantly, we retain the bulk of our deposits and 100% of all other operations. We believe this positions us well for the future, as technology changes the way people bank," Mr. Milstein said.

About Emigrant Savings Bank
The oldest savings bank in New York City, Emigrant Savings Bank was founded in 1850 by members of the Irish Emigrant Society to support the financial needs of a growing immigrant community in need of services. Emigrant continues that tradition today, serving new generations who come to the United States to seek a better way of life for themselves and their families.

Through its subsidiaries, Emigrant Mortgage Company and Emigrant Funding Corporation, Emigrant provides lending in many communities that have been traditionally underserved by larger institutions. Emigrant retains all of its loans in its portfolio, and the bank services all of its loans in-house.

SOURCE Emigrant Bank