Apple Bank for Savings
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Apple Bank for Savings provides consumer and small business banking services to the greater New York City area. It is the second largest state-chartered savings bank in New York State and has 76 branches in Manhattan, Brooklyn, Queens, Staten Island and the Bronx, as well as Westchester, Suffolk and Nassau counties. It is based in the Chanin Building in Manhattan.
The bank has personal and business checking accounts, savings and money market accounts, personal and business debit cards, online and mobile banking, retirement planning, investment accounts, residential mortgages, home equity and co-op loans, personal and business credit cards, small business banking solutions, commercial mortgages, foreign currency exchange and wire transfers.
Apple Bank was founded in 1863 as the Haarlem Savings Bank. It was established by a group of local merchants as a community-based mutual savings bank (a bank that is owned by its depositors). Harlem at the time was a suburban village (it was not part of New York City until 1873) and the bank's first location, a storefront on 3rd Avenue between 125th and 126th Streets, was surrounded by farms and undeveloped lots. Six years later, the bank moved to a building of its own construction on 3rd Avenue and 124th Street.
Business grew steadily and the bank had over 5,000 depositors by 1876. By 1908, the number grew to over 32,000 as Harlem experienced an influx of Jewish and Italian immigrants. At the same time, the bank engaged in construction financing as the area experienced a real estate boom. The bank continued to do well as the demographics of Harlem changed. By the end of the 1920s, Harlem Savings was the 22nd largest mutual savings bank in the United States. The bank survived the Great Depression, and purchased the Commonwealth Savings Bank in 1932. The acquisition provided the bank with two branches in the Washington Heights neighborhood on 157th Street and 180th Street, expanding coverage north. In 1933, the bank dropped the second 'a' from its name to match the now-standard spelling of the neighborhood's name: Harlem.
In the 1940s, the bank had several branches in northern Manhattan and one on East 42nd Street. After the end of World War II, the middle class began to move into the suburbs and the bank followed suit, opening a branch in Manhasset, New York, on Long Island in 1966, and moving its headquarters from Harlem to 42nd Street two years later.
Central Savings Bank
Uptown Central Savings Bank, built 1926–28 (York and Sawyer, architects)
|Location||2100–2108 Broadway, New York, New York|
|Area||less than one acre|
|Architect||Moscowitz, Benjamin; Yellin, Samuel|
|Architectural style||Renaissance, Italian Renaissance|
|NRHP Reference #||83001720|
|Added to NRHP||September 8, 1983|
Absorbing the Central Savings Bank
The early 1980s proved to be a difficult time for financial institutions, but Harlem Savings fared better than most. In 1981, it used a $160 million grant from the FDIC to purchase the troubled Central Savings Bank. Created as the German Savings Bank (it was renamed Central Savings Bank during World War I) in 1858, the 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 Harlem Savings an additional seven branches including the 1928 Apple Bank Building (formerly Central's uptown branch) at 2112 Broadway between West 73rd and West 74th Streets, a designated historic landmark designed by the architectural firm York and Sawyer in Renaissance Palazzo style, as well as two branches in Nassau County on Long Island.
Suburban expansion and name change
In the 1970s and early 1980s, the bank's expansion into the suburbs was hindered by its name as it evoked images of "drugs, crime, and general deterioration". When the bank was building a branch in Massapequa, Long Island, in 1978, the plate-glass windows had to be replaced seven times after they were shattered by bricks. Despite some investment in the Harlem name, Jerome McDougal, chairman and CEO of the bank at the time, decided that a change was needed if the bank was to survive and expand. The Apple name and logo was created in 1983 by a small consulting firm, Selame Design. Despite some feeling that the name was undignified for a financial institution, McDougal pushed it through. Within the first month of the name change, Apple Bank gained 4,943 new accounts – three times the normal rate – and $116 million in deposits, compared to a loss of $26 million during the corresponding period in 1982.
On the last day of 1986, Apple acquired the Eastern Savings Bank (established as the Bronx Savings Bank in 1905), thus obtaining three branches in the Bronx, two in Westchester and two on Long Island. Apple now ranked 17th among the New York metropolitan area's thrift institutions, with assets of $2.7 billion.
Another acquisition came in 1989, with the purchase of Sag Harbor Savings Bank – chartered in 1860 in Sag Harbor, New York to provide financial services for the whaling industry – for $29.5 million, bringing in five additional branches serving Suffolk County.
In the late 1990s, Apple Bank began an aggressive expansion into Brooklyn, opening 13 branches in that borough since 1997.
Acquisition of 29 Emigrant Bank branches in 2013
On April 20, 2013, Apple Bank acquired 29 branches and the related deposit accounts and services from Emigrant Savings Bank, another longstanding New York bank established in 1850. This acquisition significantly expanded Apple Bank's presence in its existing markets, giving Apple a total of 77 branches in greater New York and close to $13 billion in assets, as reported at the time. (As of December 31, 2013, Apple Bank's financial statement refers to 76 branches, and $11.6 billion in assets.)
In 1985, Apple converted from a mutual savings bank to a stock-issuing public institution, selling 4.6 million shares for a total of $53.5 million. In 1990, a prominent real estate developer and investor, Stanley Stahl, became the sole stockholder of the bank when he paid about $170 million. In August 1999, Stahl died and the bank is controlled by his estate.
- The bank had net income of $23.8 million for the six months ended 6/30/2013 ($58.7 million for full year 2012).
- The bank's deposits were $10.9 billion as of 6/30/2013.
|Wikimedia Commons has media related to Apple Bank for Savings.|
- "Locations and Directions". Apple Bank for Savings.
- "Apple Bank for Savings". Answers.com.
- Kerstein, Bob. "New York Bank History : H". National Bank History.
- "National Register Information System". National Register of Historic Places. National Park Service. 2009-03-13.
- "Central Savings Bank" (PDF). Landmarks Preservation Commission. January 28, 1975.
- Larry E. Gobrecht (February 1981). "National Register of Historic Places Registration: Central Savings Bank". New York State Office of Parks, Recreation and Historic Preservation. Retrieved March 25, 2011. See also: "Accompanying five photos".
- Kerstein, Bob. "New York Bank History : E". National Bank History.
- Apple Bank for Savings. (2013, April 30). Apple Bank for Savings completes acquisition of 29 branches from Emigrant Savings Bank [press release]. PRNewswire.com.
- Apple Bank for Savings (2014). Financial Report as of December 31, 2013. Retrieved May 18, 2014, from www.applebank.com (about/financial information).
- Stoler, Michael (November 23, 2005). "Leaders Cross Over Into the Banking Industry". The New York Sun.
- "Financial Information". Apple Bank for Savings.
- Official Site
- A Map of Greenwich Village produced by the Central Savings Bank and showing its location (1934)
- Opening Day at a Bronx Savings Bank branch (October 21, 1954)