Emigrant Bank in New York has received regulatory approval to sell branches to Apple Bank for Savings.
The New York State Department of Financial Services and the Federal Deposit Insurance Corp. have approved the sale of 29 branches to Apple Bank, which is based in Manhasset, N.Y. The deal was announced in June, after Emigrant spent about six months shopping the branches to dozens of potential buyers. The financial terms were not disclosed.
Apple will obtain about $3.2 billion of Emigrant's $8.5 billion in deposits. Emigrant will keep two branches, along with its internet-based business and its lending platforms and portfolios.
"Our new configuration will allow Emigrant to continue its long history of providing the highest quality financial services to the communities we serve," Howard Milstein, Emigrant's chairman, president and chief executive, said in a release. "Significantly, we retain the bulk of our deposits and 100 % of all other operations. We believe this positions us well for the future, as technology changes the way people bank."