Apple Bank, a state chartered savings bank in New York with 77 branches, has announced that it has completed its acquisition of 29 Emigrant Savings Bank (ESB) branches.
The stores being sold make up over half of ESB’s branch network and represent $3.3bn in deposit accounts.
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Alan Shamoon, chairman, president and CEO of Apple Bank said of the acquisition: "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. 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 personalised service."
Apple Bank state this purchase will increase their total assets from $9.8bn to $13bn.
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