Arnold & Porter Assists Apple Bank in Acquisition of Deposits and Branch Offices From Emigrant Bank
New York, New York, September 19, 2012 - Arnold & Porter LLP represented long time client Apple Bank in negotiating the assumption of approximately $3.3 billion of deposits and the acquisition of 30 branch office locations from Emigrant Bank. The transaction is the largest deposit acquisition in the greater New York City area since 1995. Both parties are among the oldest and most prominent retail banking organizations headquartered in New York, with distinguished reputations for serving the banking needs of consumers and businesses for 150 years.
The transaction is anticipated to close later this year or early in 2013 following receipt of necessary regulatory approvals. Arnold & Porter is also handing the regulatory approval process for Apple Bank, which will involve detailed filings with the Federal Deposit Insurance Corporation and the New York State Department of Financial Services. The Federal Reserve Bank of New York also will receive information in connection with its oversight of Apple Bank's parent holding company.