Apple Bank for Savings in Manhasset, N.Y., said Thursday that Chief Operating Officer Steven Bush is taking over as chairman, president and CEO from Alan Shamoon, who is retiring.
The promotion of Bush, who joined Apple Bank in 1992 after working for Chemical Bank, took effect on April 1.
Shamoon, another Chemical veteran, joined Apple in 1991 and has been chairman, president and CEO since 1994.
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The company no longer feels the need to sell loans since it has a deal in hand to confidently cross a key regulatory threshold. Still, management said it likes the revenue opportunities from occasionally selling off originations.
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A number of New York banks are stepping away from medallion lending as delinquencies rise and competition for fares intensifies.
September 28 -
A confluence of events, including the defeat of House Majority Leader Eric Cantor, has increased the chance that Congress won't renew the charter of the Export-Import Bank. Private banks receive billions of dollars in U.S. support for loans made to promote American exports.
June 24
The privately held Apple Bank has assets of $13 billion. Its roughly 80 branches are in the five New York City boroughs, on Long Island and in Westchester County, N.Y.
