Apple Bank to Buy Eastern Savings (original) (raw)
Business|Apple Bank to Buy Eastern Savings
https://www.nytimes.com/1986/06/26/business/apple-bank-to-buy-eastern-savings.html
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- June 26, 1986
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June 26, 1986
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Section D, Page
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The Apple Bank for Savings, which has 16 branches in Manhattan and on Long Island, agreed yesterday to acquire the Eastern Savings Bank, which operates eight branches in the Bronx and Westchester.
Jerome R. McDougal, the chairman of Apple, will continue as chairman and chief executive of the combined bank, which will retain the Apple name.
Edward J. Brown, the chairman of Eastern, will become president and chief operating officer. Terms were not disclosed. Mr. McDougal said that Apple had been exploring the possiblity of a merger with a bank that had branches in areas other than Apple's since Apple issued shares to the public a year ago.
Eastern, Mr. McDougal said, filled the basic requirement Apple sought in a partner in that it would ''flesh out the areas where we are located,'' by introducing Apple to the Bronx and Westchester.
Eastern has assets of 800million,bringingthecombinedassetsto800 million, bringing the combined assets to 800million,bringingthecombinedassetsto2.7 billion and making it the 14th largest of nearly 90 savings banks in the state, according to Joyce Orsini, the vice president and chief statistician of the Savings Banks Association of New York State.
''It is good for both of them,'' Ms. Orsini said of the merger. ''A good blend of management and investments.''
Because each bank has different regional strengths, their merger is ''like a marriage of opposites,'' she said. ''It will create one very healthy, well-rounded institution.''
Apple was known as the Harlem Savings Bank until 1983.
The agreement, approved in principle by the boards of both banks, is subject to the execution of a definitive plan and must be approved by Apple's shareholders and government agencies. Mr. McDougal said he hoped the merger would become final by the end of the year.
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