Apple Bank for Savings facts for kids
|Founded||April 17, 1863as the Haarlem Savings Bank|
|Headquarters||New York, New York|
Number of locations
|80 branches (2019)|
|New York metropolitan area|
|Steven C. Bush, Chairman, President and CEO|
|Revenue||US$ 340.73 million (2018)|
|US$ 100.9 million (2018)|
|Total assets||US$ 14.307 billion (2018)|
|Total equity||US$ 1.196 billion (2018)|
|Owner||Trust for the benefit of heirs of Stanley Stahl|
Number of employees
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 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.
Central Savings Bank Building
Uptown Central Savings Bank, built 1926–28 (York and Sawyer, architects)
|Location||2100–2108 Broadway, New York, New York|
|Architect||Moscowitz, Benjamin; Yellin, Samuel|
|Architectural style||Renaissance Revival architecture|
|NRHP reference No.||83001720|
|Added to NRHP||September 8, 1983|
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, 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. 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, 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.
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, 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. Shareholders supported the merger after the stock price fell during the early 1990s recession.
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.
Apple Bank for Savings Facts for Kids. Kiddle Encyclopedia.