After closing of the transaction, around 29 branches located in Manhattan, Brooklyn, Bronx, Queens, Long Island and Westchester will now operate as part of Apple Bank.
The acquirer’s total assets have grown from $9.8bn to almost $13bn following the completion of the purchase.
Apple Bank chairman, president and chief executive officer Alan Shamoon said that the integration of these branches and their customers will enable the firm to emerge as a leading community savings bank.
"As a result of our expansion, we are even more able to deliver a broad array of products to our customers while remaining small enough to provide them with a caring level of personalized service," Shamoon added.
Conversion of the acquired branches, accounts and services into Apple Bank’s computer system has been completed and the customers can use any of its 77 branches in Manhattan, Brooklyn, Bronx, Queens, Staten Island, Long Island and Westchester.
RBC Capital Markets, served as financial advisor, while Arnold & Porter and Stern, Tannenbaum & Bell acted as legal advisors to Apple Bank pertaining to this transaction.
