Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

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. In 1907, the bank moved its headquarters to 124 E. 125th St. In 1932, just after the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

, the bank acquired Commonwealth Savings Bank and its 2 branches. 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 Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...

as the population growth shifted to the suburbs. In 1968, the bank moved its headquarters from Harlem to 42nd Street. 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. Created as the German Savings Bank in 1858, Central Savings Bank counted

Daniel F. Tiemann Daniel Fawcett Tiemann (January 9, 1805 – June 29, 1899) was Mayor of New York City from 1858 to 1860. He was a founding trustee of the Cooper Union for the Advancement of Science and Art. Life Tiemann was an industrialist, who lived in Ma ...

, then Mayor of New York, as a charter member and operated out of the

Cooper Union The Cooper Union for the Advancement of Science and Art (Cooper Union) is a private college at Cooper Square in New York City. Peter Cooper founded the institution in 1859 after learning about the government-supported École Polytechnique in ...

building before moving to a location at 14th Street and 4th Avenue in 1864. The acquisition gave the bank an additional seven branches including the

Apple Bank Building The Apple Bank Building, also known as the Central Savings Bank Building and 2100 Broadway, is a bank and residential building at 2100–2114 Broadway on the Upper West Side of Manhattan in New York City. Constructed as a branch of the Central ...

at 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, 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. 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. On December 31, 1986, the bank acquired Eastern Savings Bank, obtaining three branches in the Bronx, two in Westchester and two on Long Island. 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. In 1990,

Stanley Stahl Stanley Stahl (1924–1999) was an American banker and real estate investor from New York City. Early life Stanley Stahl was born to a Jewish family on June 16, 1924 in New York City.277 Park Avenue 277 Park Avenue is an office building in the Midtown Manhattan neighborhood of New York City. It stands on the east side of Park Avenue between East 47th and 48th Streets, and is tall, with 50 floors. It is tied with two other buildings, 55 Wat ...

, 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. Shareholders supported the merger after the stock price fell during the

early 1990s recession The early 1990s recession describes the period of economic downturn affecting much of the Western world in the early 1990s. The impacts of the recession contributed in part to the 1992 U.S. presidential election victory of Bill Clinton over incu ...

. In 1991, William J. Laraia became chairman and chief executive officer of the bank. Laraia reduced the commercial loan portfolio and cut costs significantly. In 1994, Alan Shamoon became the chief executive officer of the bank. In August 1999, Stahl died and ownership of the bank passed to trusts. 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. In May 2015, the bank opened a branch in Jackson Heights, Queens. In June 2015, the bank opened a second branch in Bay Ridge, Brooklyn, at 426 86th Street. In October 2015, the bank opened a branch in Monsey, New York. In April 2016, Steven C. Bush became chairman, president, and chief executive officer of the bank. In February 2021 Apple Bank was fined $12.5 million by the Federal Deposit Insurance Corporation for violations of the Bank Secrecy Act related to anti-money laundering controls.

References

External links

* {{Authority control 1863 establishments in New York (state) Banks based in New York City Banks established in 1863 Privately held companies of the United States Privately held companies based in New York (state)