Apple Bank For Savings - History

History

Apple Bank began its life in 1863 as the Haarlem Savings Bank. It was established by a group of local merchants as a community-based mutual savings bank: a bank that is owned by its depositors. Harlem at the time was a suburban village (it was not part of NYC until 1873) and the bank's first location, a storefront on 3rd Avenue between 125th and 126th streets, was surrounded by farms and undeveloped lots. Six years later, the bank moved to a building of its own construction on 3rd Ave. and 124th St.

Business grew steadily and the bank had over five thousand depositors by 1876. By 1908, the number grew to over thirty two thousand as Harlem experienced an influx of Jewish and Italian immigrants. At the same time, the bank engaged in construction financing as the area underwent a real-estate boom. The bank continued to do well as the demographics of Harlem changed. By the end of the 1920s, Harlem Savings was the 22nd largest mutual savings bank in the United States. The bank survived the Great Depression without incident. In fact, its strong financial position allowed it to purchase the Commonwealth Savings Bank in 1932. The acquisition provided the bank with two branches in the Washington Heights neighborhood: on 157th Street and 180th Street, expanding coverage north. In 1933, the bank dropped the second 'a' from its name to match the now-standard spelling of the neighborhood's name.

In the 40s, the bank had several branches in northern Manhattan and one on East 42nd Street. After the end of World War II, the middle class began to move into the suburbs and the bank followed suit, opening a branch in Manhasset, New York, on Long Island in 1966, and moving its headquarters from Harlem to 42nd street two years later.