Inside Long Island Business

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Apple Bank buying Emigrant branches

Apple Bank for Savings, based in Manhasset, said Thursday it had received federal and state approval to acquire 29 branches of Emigrant Savings Bank, including seven on Long Island.

Privately held Apple didn’t disclose the acquisition costs but said the deal includes $3.2 billion in deposits and represents most of Emigrant’s retail branch network.

The 29 branches include one in Huntington Station and six in Nassau County, in Long Beach, Westbury, Bethpage, Elmont, Locust Valley and Sea Cliff.

Approved by Federal Deposit Insurance Corp. and the New York State Department of Financial Services, the acquisitions increase Apple’s size from $9.8 billion in total assets to $13 billion, and the number of branches to 79.

Apple’s website lists nine locations now in Suffolk and five in Nassau.

The transaction is expected to close in April.

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