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Apple Bank for Savings

From Wikipedia, the free encyclopedia

Apple Bank for Savings
private
IndustryBanking
FoundedApril 17, 1863; 156 years ago (1863-04-17) as the Haarlem Savings Bank
HeadquartersManhasset, New York
Number of locations
80 branches (2019)
Area served
New York metropolitan area
Key people
Steven C. Bush, Chairman, President and CEO
ServicesFinancial Services
RevenueIncrease US$ 340.73 million (2018)
Increase US$ 100.9 million (2018)
Total assetsIncrease US$ 14.307 billion (2018)
Total equityIncrease US$ 1.196 billion (2018)
OwnerTrust for the benefit of heirs of Stanley Stahl
Number of employees
1,001 (2018)
Websitewww.applebank.com
Footnotes / references
[1]

Apple Bank for Savings is a bank holding company headquartered in Manhasset, New York and operating in the New York metropolitan area. It is ranked 102nd on the list of largest banks in the United States by assets.

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Transcription

History

The company was founded in 1863 as the Haarlem Savings Bank by a group of local merchants as a community-based mutual savings bank. Harlem at the time was a suburban village - it was not part of New York City until 1873 - and the bank's first location on 3rd Avenue between 125th and 126th Streets was surrounded by farms and undeveloped lots. In 1869, the bank moved to a building of its own construction on 3rd Avenue and 124th Street.[2]

In 1907, the bank moved its headquarters to 124 E. 125th St.[2]

In 1932, just after the Great Depression, the bank acquired Commonwealth Savings Bank and its 2 branches.[3] The branches were on 157th Street and 180th Street in Washington Heights, Manhattan. In 1933, the bank dropped the second 'a' from its name to match the now-standard spelling of the neighborhood's name: Harlem.

In 1966, the bank opened a branch in Manhasset, New York, on Long Island as the population growth shifted to the suburbs. In 1968, the bank moved its headquarters from Harlem to 42nd Street.

Central Savings Bank Building
Central Savings Bank Amst Av jeh.JPG
Uptown Central Savings Bank, built 1926–28 (York and Sawyer, architects)
Location2100–2108 Broadway, New York, New York
Coordinates40°46′47″N 73°58′54″W / 40.77972°N 73.98167°W / 40.77972; -73.98167
Built1926; 94 years ago (1926)
ArchitectMoscowitz, Benjamin; Yellin, Samuel
Architectural styleRenaissance Revival architecture
NRHP reference #83001720[4]
Added to NRHPSeptember 8, 1983; 36 years ago (1983-09-08)

In 1981, in a deal organized by the Federal Deposit Insurance Corporation that included a $160 million grant from the agency, the bank acquired the troubled Central Savings Bank.[5] Created as the German Savings Bank in 1858, Central Savings Bank counted Daniel F. Tiemann, then Mayor of New York, as a charter member and operated out of the Cooper Union building before moving to a location at 14th Street and 4th Avenue in 1864.[6] The acquisition gave the bank an additional seven branches including 2112 Broadway (between West 73rd and West 74th Streets), a designated historic landmark designed by York and Sawyer in the Palazzo style of Renaissance Revival architecture,[7] as well as two branches in Nassau County on Long Island.

In the 1970s and early 1980s, the bank continued to expand into the suburbs outside New York City. To reflect its geographic expansion, the bank changed its name to Apple Bank in May 1983.[8]

In 1985, the bank converted from a mutual savings bank to a public company, selling 4.6 million shares for $53.5 million in an initial public offering.[1]

On December 31, 1986, the bank acquired Eastern Savings Bank, obtaining three branches in the Bronx, two in Westchester and two on Long Island.[1][9]

In 1989, the bank acquired Sag Harbor Savings Bank and its 5 branches for $29.5 million. Sag Harbor Savings Bank was chartered in 1860 in Sag Harbor, New York to provide financial services for the whaling industry.[1][10][11]

In 1990, Stanley Stahl, the developer of 277 Park Avenue, acquired the bank for $174 million. The purchase price was well below the book value of the bank and the bank initially rejected the bid and adopted a poison pill to prevent the takeover. Stahl fought the poison pill.[12] Shareholders supported the merger after the stock price fell during the early 1990s recession.[13][14][15]

In 1991, William J. Laraia became chairman and chief executive officer of the bank.[16] Laraia reduced the commercial loan portfolio and cut costs significantly.

In 1994, Alan Shamoon became the chief executive officer of the bank.[17][18]

In August 1999, Stahl died and ownership of the bank passed to trusts.[14]

On April 20, 2013, Apple Bank acquired 29 branches and the related deposit accounts and services from Emigrant Savings Bank. This acquisition gave Apple a total of 77 branches in greater New York and close to $13 billion in assets.[19][20][21]

In May 2015, the bank opened a branch in Jackson Heights, Queens.[22][23]

In June 2015, the bank opened a second branch in Bay Ridge, Brooklyn, at 426 86th Street.[24][25]

In October 2015, the bank opened a branch in Monsey, New York.[26]

In April 2016, Steven C. Bush became chairman, president, and chief executive officer of the bank.[17]

References

  1. ^ a b c d "Apple Bank for Savings (FDIC # 16068)". Federal Deposit Insurance Corporation.
  2. ^ a b MCCALLISTER, JARED (February 7, 2019). "BLACK HISTORY MONTH 2019: Apple Bank's historic Harlem roots". New York Daily News.
  3. ^ Kerstein, Bob. "New York Bank History : H". National Bank History.
  4. ^ "National Register Information System". National Register of Historic Places. National Park Service. March 13, 2009.
  5. ^ FARNSWORTH, CLYDE H. (December 10, 1981). "SENATOR BARS THRIFT UNIT BILL". The New York Times.
  6. ^ "German Savings Bank". Smithsonian Institution.
  7. ^ "Central Savings Bank" (PDF). Landmarks Preservation Commission. January 28, 1975.
  8. ^ "Harlem Savings". The New York Times. May 12, 1983.
  9. ^ BELKIN, LISA (June 26, 1986). "Apple Bank to Buy Eastern Savings". The New York Times.
  10. ^ "APPLE BANK FOR SAVINGS". The Real Deal.
  11. ^ "Company Briefs". The New York Times. March 13, 1989.
  12. ^ WEISS, MILES (June 6, 1990). "Investor brings new charges against Apple Bancorp management". United Press International.
  13. ^ Stoler, Michael (November 23, 2005). "Leaders Cross Over Into the Banking Industry". The New York Sun.
  14. ^ a b Ravo, Nick (August 6, 1999). "Stanley Stahl, a Bank Owner And Real Estate Investor, 75". The New York Times.
  15. ^ Hylton, Richard D. (September 18, 1990). "Apple Bank Won't Fight Takeover Bid". The New York Times.
  16. ^ "Apple Bancorp Names Chief". The New York Times. January 30, 1991.
  17. ^ a b "Apple Bank Elects New Chairman, President And Chief Executive Officer" (Press release). PR Newswire. October 13, 2015.
  18. ^ "Chief Quits Apple Bank". The New York Times. Bloomberg News. August 23, 1994.
  19. ^ "Apple Bank for Savings completes acquisition of 29 branches from Emigrant Savings Bank" (Press release). PR Newswire. April 30, 2013.
  20. ^ "Emigrant Bank Completes Sale Of Branches To Apple Bank For Savings" (Press release). PR Newswire. April 30, 2013.
  21. ^ Incantalupo, Tom (April 30, 2013). "Apple Bank completes Emigrant branch purchases". New York Newsday.
  22. ^ Kearns, Patrick (May 26, 2015). "Apple Bank opens new Jackson Heights branch". LIC / Astoria Journal.
  23. ^ "APPLE BANK TO OPEN NEW BRANCH OFFICE" (PDF) (Press release). Apple Bank. May 14, 2015.
  24. ^ Katinas, Paula (June 23, 2015). "Apple Bank to open Bay Ridge branch". Brooklyn Eagle.
  25. ^ "APPLE BANK TO OPEN NEW BRANCH OFFICE" (PDF) (Press release). Apple Bank. June 19, 2015.
  26. ^ "APPLE BANK TO OPEN ITS FIRST ROCKLAND COUNTY BRANCH" (PDF) (Press release). Apple Bank. October 13, 2015.

External links

This page was last edited on 27 July 2019, at 22:43
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