Apple Bank facts for kids
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| Private | |
| Industry | Banking |
| Founded | April 17, 1863 as the Haarlem Savings Bank |
| Headquarters | New York City, U.S. |
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Number of locations
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80 branches (2019) |
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Area served
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New York metropolitan area |
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Key people
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Steven C. Bush (chairman, president and CEO) |
| Services | Financial services |
| Revenue |  US$ 340.73 million (2018) |
| US$ 100.9 million (2018) |
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| Total assets | US$ 14.307 billion (2018) |
| Total equity | US$ 1.196 billion (2018) |
| Owner | Trust for the benefit of heirs of Stanley Stahl |
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Number of employees
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1,001 (2018) |
| Parent | Apple Financial Holdings |
Apple Bank for Savings is a bank that helps people save money. Its main office is in Manhasset, New York. It serves customers all around the New York metropolitan area.
Contents
History of Apple Bank
Starting in the 1800s
Apple Bank started a long time ago in 1863. It was first called the Haarlem Savings Bank. Local business people created it to help their community save money.
Back then, Harlem was a small village, not yet part of New York City. The bank's first spot on 3rd Avenue was surrounded by farms. In 1869, the bank moved into its very own building.
Growing in the 1900s
In 1907, the bank moved its main office to a new spot on 125th Street.
During the Great Depression in 1932, the bank took over Commonwealth Savings Bank. This added two more branches in Washington Heights, Manhattan. In 1933, the bank changed its name slightly to "Harlem Savings Bank" to match the common spelling of the neighborhood.
As more people moved to the suburbs, the bank opened a branch in Manhasset, New York, on Long Island in 1966. In 1968, the bank moved its main office from Harlem to 42nd Street.
In 1981, the bank acquired Central Savings Bank. This deal was helped by the Federal Deposit Insurance Corporation. Central Savings Bank had been around since 1858. This acquisition added seven more branches, including a historic building on Broadway.
The bank kept growing into the suburbs. To show it was serving a wider area, the bank changed its name to Apple Bank in May 1983.
In 1985, Apple Bank became a public company. This meant people could buy shares of the bank.
The bank continued to expand by acquiring other banks. In 1986, it acquired Eastern Savings Bank, adding branches in the Bronx and Westchester. In 1989, it acquired Sag Harbor Savings Bank, which had been helping the whaling industry since 1860.
In 1990, a developer named Stanley Stahl bought Apple Bank. He paid $174 million for it. After he bought it, the bank focused on reducing its commercial loans and cutting costs.
In 1994, Alan Shamoon became the bank's chief executive officer. When Stanley Stahl passed away in 1999, ownership of the bank went to trusts.
Apple Bank in the 2000s
On April 20, 2013, Apple Bank acquired 29 branches from Emigrant Savings Bank. This made Apple Bank have 77 branches in the New York area. It also increased the bank's total assets to almost $13 billion.
The bank kept opening new branches. In 2015, it opened locations in Jackson Heights and Bay Ridge. It also opened a branch in Monsey, New York.
In April 2016, Steven C. Bush became the chairman, president, and CEO of Apple Bank.
In February 2021, Apple Bank was fined $12.5 million by the Federal Deposit Insurance Corporation. This was for issues with how it checked for money laundering.
In May 2022, Apple Bank started a new group called the Equipment Finance Group. This group helps businesses get loans to buy important equipment. This helps the bank offer more types of loans.
In September 2022, Apple Bank opened a new branch in Englewood, New Jersey. This expanded its network to 84 locations. The bank has been profitable for 30 years in a row. As of December 2021, Apple Bank had $16.1 billion in assets.
See also
In Spanish: Apple Bank for Savings para niños
