the Bronx, two in Westchester and two on Long Island. In 1989, the bank acquired Sag Harbor Savings Bank and its 5 branches for $29.5 million. Sag Harbor Savings Bank was chartered in 1860 in Sag Harbor, New York to provide financial services for the whaling industry. In 1990, Stanley Stahl, the developer of 277 Park Avenue, acquired the bank for $174 million. The purchase price was well below the book value of the bank and the bank initially rejected the bid and adopted a poison pill to prevent the takeover. Stahl fought the poison pill. Shareholders supported the merger after the stock price fell during the early 1990s recession. In 1991, William J. Laraia became chairman and chief executive officer of the bank. Laraia reduced the commercial loan portfolio and cut costs significantly. In 1994, Alan Shamoon became the chief executive officer of the bank. In August 1999, Stahl died and ownership of the bank passed to trusts. On April 20, 2013, Apple Bank acquired 29 branches and the related deposit accounts and services from Emigrant Savings Bank. This acquisition gave Apple a total of 77 branches in greater New York and close to $13 billion in assets. In May 2015, the bank opened a branch in Jackson Heights, Queens. In June 2015, the bank opened a second branch in Bay Ridge, Brooklyn, at 426 86th Street. In October 2015, the bank opened a branch in Monsey, New York. In April 2016, Steven C. Bush became chairman, president, and chief executive officer of the bank. In February 2021 Apple Bank was fined $12.5 million by the Federal Deposit Insurance Corporation for violations of the Bank Secrecy Act related to anti-money laundering controls. References External links 1863 establishments in New York (state) Banks based in New York City Banks established in 1863 Privately held companies of the United States Privately held companies based in New York (state)