Apple Bank
| Company type | Privately held company |
|---|---|
| Industry | Banking |
| Founded | 1863 |
| Headquarters | Manhasset, New York , United States |
Area served | New York metropolitan area |
Key people | Steven C. Bush (Chairman, President, and CEO), James Matera (Executive Vice President and Chief Retail Banking Officer) |
| Products | Savings bank services, Commercial and Industrial lending, Equipment finance |
Apple Bank for Savings is a savings bank based in Manhasset, New York, serving customers throughout the New York metropolitan area.
19th century
Established in 1863 under the name Haarlem Savings Bank by local merchants as a community-focused mutual savings bank, its initial branch was located on 3rd Avenue between 125th and 126th Streets, an area then largely undeveloped. By 1869, the bank had relocated to a newly constructed building at 3rd Avenue and 124th Street.
20th century
In 1907, the bank moved its headquarters to 124 E. 125th St. During the economic challenges of the Great Depression, it acquired Commonwealth Savings Bank and its two Washington Heights branches in 1932. The following year, it modified its name to Harlem Savings Bank to align with the neighborhood’s spelling.
To address suburban expansion, a branch was opened in Manhasset, Long Island, in 1966, followed by a headquarters move to 42nd Street in 1968.
The bank expanded further in 1981 by acquiring Central Savings Bank through an FDIC-facilitated transaction that included a $160 million subsidy. Central Savings Bank, originally founded as German Savings Bank in 1858, contributed seven branches to Apple Bank’s portfolio, including the iconic Apple Bank Building at 2112 Broadway and two locations in Nassau County.
Throughout the 1970s and early 1980s, the institution extended its suburban presence and rebranded as Apple Bank in May 1983. It became a publicly traded company in 1985, offering 4.6 million shares and raising $53.5 million.
On December 31, 1986, Apple Bank incorporated Eastern Savings Bank into its operations, adding seven branches across the Bronx, Westchester County, and Long Island. In 1989, it acquired Sag Harbor Savings Bank for $29.5 million; Sag Harbor had been chartered in 1860 to serve the whaling community.
In a significant transaction during an economic downturn in 1990, developer Stanley Stahl purchased Apple Bank for $174 million despite initial opposition from management and shareholders. After this acquisition, William J. Laraia was named chairman and CEO in 1991 with a strategic focus on reducing commercial loan exposure and streamlining expenses. Alan Shamoon took over as CEO in 1994.
Following Stahl’s death in August 1999, ownership passed to trusts established for his heirs.
21st century
On April 20, 2013, Apple Bank expanded its footprint by acquiring 29 branches along with associated deposit accounts from Emigrant Savings Bank, growing its branch network to 77 locations across the New York metropolitan area and bringing assets close to $13 billion.
In May 2015, the bank inaugurated a new branch in the Jackson Heights neighborhood of Queens, followed by another Brooklyn location in Bay Ridge in June. Later that year, October saw Apple Bank enter Rockland County with a branch opening in Monsey, New York.
Steven C. Bush was appointed chairman, president, and CEO in April 2016.
In February 2021, the Federal Deposit Insurance Corporation imposed a $12.5 million penalty on Apple Bank for breaches of the Bank Secrecy Act concerning deficiencies in anti-money laundering controls.
Seeking to diversify its Commercial and Industrial (C&I) lending portfolio, Apple Bank launched an Equipment Finance Group led by Ken Walters in May 2022. This division specializes in secured financing and leasing for "Critical Use" equipment assets.
By September 2022, Apple Bank had grown to operate 84 branches with the addition of a new retail outlet in Englewood, New Jersey, enhancing service coverage for New Jersey clients. The institution has sustained profitability for three decades consecutively. As of December 2021 data shows Apple Bank holding $16.1 billion in assets alongside $14.0 billion in deposits. Steven C. Bush remains chairman, president, and CEO while James Matera serves as executive vice president and chief retail banking officer.