NEW YORK, Feb. 28, 2013 /PRNewswire/ -- Emigrant Bank announced that the sale of 29 of its bank branches to Apple Bank for Savings has received regulatory approval by the FDIC and the New York State Department of Financial Services.
Included in the sale are approximately $3.2 billion of Emigrant's $8.5 billion in deposits. Emigrant will retain its headquarters and flagship main branch on 42nd Street in midtown Manhattan, along with its Westchester headquarters and branch in Ossining, NY. The 29 remaining branches are being sold to Apple Bank. The transaction is expected to close in April.
In addition to nearly two-thirds of Emigrant's deposits, the bank will retain all of its lending platforms and portfolios, including its residential mortgage, mixed-use and small business lending businesses. Emigrant will also keep 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 have received regulatory approval and look forward to the completion of this transaction with Apple Bank. We are especially happy that our branch depositors and branch employees will find a new home at a bank that shares our culture and values."
Mr. Milstein added: "Our new configuration will allow Emigrant 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."
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