Atlantic Bank of New York and Allied Irish Banks, plc jointly announced on Friday that they have signed a definitive agreement whereby Atlantic Bank will purchase all deposit accounts, safe deposit boxes and certain consumer and business loans located at AIB’s 405 Park Avenue branch office. The branch represents AIB’s sole retail banking office in the United States. Upon completion of the transaction, Atlantic Bank expects to assume operation of the 405 Park Avenue branch as part of its more than 20 branch office network.
The transaction, which is subject to the receipt of appropriate regulatory approval and other customary conditions of closing, is expected to be finalized during the fourth quarter of this year. This transaction follows a decision by AIB and M&T Bank not to proceed with their previously announced sale of the 405 Park Avenue branch office. Financial terms were not disclosed.
Commenting on the transaction, Mr. William Strickland, AIB’s Executive Vice President and General Manager, stated, “The sale of our Retail Branch business to Atlantic Bank is very good news for our employees, customers and community. Our employees benefit from new career path opportunities and our customers and neighbors gain direct access to a broader array of commercial bank products and services. I know that our tradition of providing high quality service to our customers will be greatly enhanced by the sale of our Retail Branch business to such a highly customer-focused organization as Atlantic Bank.”
“The acquisition of AIB’s Retail Branch office and related business represents an excellent opportunity to expand Atlantic Bank’s retail branch presence and our small- to middle-market business franchise in the Manhattan market,” stated Thomas M. O’Brien, President and Chief Executive Officer of Atlantic Bank. “Our focus on providing a high degree of personalized attention to our clients is consistent with the type of service AIB’s customers have become accustomed to receiving from the experienced staff at AIB’s New York branch office. We expect to continue to offer superb service through the same staff that AIB’s customers have come to know and trust over the years. Together with our extensive line of consumer and commercial services, the branch staff will be in a position to provide an increased array of financial solutions to their entire customer base,” added Mr. O’Brien.
Established in 1926, with over 3 billion in assets, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area.