Acquisition of deposits and 29 branch offices from Emigrant Bank
Arnold & Porter LLP represented long time client Apple Bank in negotiating the assumption of approximately $3.3 billion of deposits and the acquisition of 29 branch office locations from Emigrant Bank. The transaction was 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.
Arnold & Porter handled the regulatory approval process for Apple Bank, which involved 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 received information in connection with its oversight of Apple Bank’s parent holding company.