Spotlight On: Steven Bush, Chairman, President, & CEO, Apple Bank
September 2025 — In an interview with Invest:, Steven Bush, chairman, president, and CEO of Apple Bank, discussed the Bank’s strategic expansion in New Jersey and its response to evolving industry trends. He highlighted the importance of balancing digital innovation with personalized service to meet customer needs in a competitive landscape. “We aim to offer technologically-advanced products with a personal touch through experienced local staff,” he said. Bush also shared insights on navigating regulatory challenges while driving disciplined growth in key markets.
Looking back over the past year, what specific market or operational changes have had the greatest impact on Apple Bank’s operations in New Jersey?
Founded as a New York bank in 1863, we’ve long served a large customer and employee base in New Jersey due to its proximity and commuter ties to the city. Post-COVID, with reduced commuting, we focused on better reaching remote customers. This prompted branch expansion and experimentation with branch formats, sizes, and locations, resuming after a pause since our last de novo site in 2014. In 2022, we opened a branch in Englewood, near the George Washington Bridge, leveraging the close relationship between New York and New Jersey banking regulators, which eased the process. Concurrently, M&A activity led us to recruit an equipment finance team in Iselin, Woodbridge Township, expanding our presence beyond retail banking. We’ve continued refining service models, learning from suburban and exurban branches, like one opened in Westchester County in 2021. Our latest branch, opened in April 2025 in Lakewood, has also signaled a need to fill gaps between Lakewood and Englewood. We’re not limited to “wood”-named towns but aim for a denser network in adjacent markets with familiar structures. In 2024, we also signed up for a co-location data center in Secaucus for enhanced resilience, set to be completed over Labor Day 2025. Alongside physical expansion, we’ve bolstered online and remote banking to industry standards, allowing customers flexibility. New Jersey is our second-largest market, with Florida third, where we’re exploring expansion despite its regulatory and geographic challenges.
Given Apple Bank’s expansion and recent milestones, how do these developments reflect broader trends in the banking and lending industry in New Jersey?
Every state and region varies, but the New York Metro area shares a common environment. Banking and lending in New Jersey resemble lower downstate New York, while upstate and South Jersey, closer to Philadelphia, differ. Regional banks, like ours, sit between small and mega banks, facing competition from both. Mega banks leverage vast budgets, technology, and resources, while non-bank entities—private credit, fintechs, crypto, and other disruptors—challenge us differently, often with less regulation. The 2023 regional bank failures heightened scrutiny, prompting reflection on unique versus systemic issues. Regional banks must identify strengths, deliver personal service, and maintain robust platforms, products, and delivery capabilities while staying human-scale for customers and employees. At Apple Bank, with 1,300 employees and 80 branches, issues reach me quickly, and we resolve them. We aim to offer technologically-advanced products with a personal touch through experienced local staff. Large banks struggle to achieve this due to their size and complexity. M&A has reduced regional banks, creating opportunities as customers seek the personalized experience we provide. Our growth reflects this. The economy seems stable, with no imminent collapse, but policy and economic shifts demand vigilance. Tomorrow won’t mirror today. We aim to be big enough to succeed, not too big to fail, delivering value through expertise and accessibility.
Given the new data center you’re developing in New Jersey, how are you addressing current pressures on capital requirements, liquidity, and consumer data protection?
Recent Basel capital ratio changes have sparked regulatory debate, primarily impacting larger money center banks. For regional banks like Apple Bank, capital and liquidity requirements haven’t shifted drastically. However, crises, like the 2023 bank failures and Republic First’s 2024 collapse, sharpen regulators’ focus on liquidity, a key factor in those events. Capital is vital for growth and acts as a shock absorber against FDIC insurance funds. M&A often involves capital raises to support combined entities. Liquidity stress tests are routine, but 2023 was unique; liquidity issues arose without a credit event, driven by interest rate spikes and margin pressures. Over my 40 years in banking, including 33 at Apple Bank, the post-financial crisis era saw abnormally low rates, followed by a sharp rise post-COVID, creating an unusual environment with flat or inverted yield curves, challenging mortgage lending. Apple Bank, funded largely by insured depositors and not publicly traded, avoided 2023’s volatility. Our conservative investments and stable household deposits insulated us, even benefiting us as money shifted during the crisis. M&A fallout further boosted growth. Data protection is a constant concern; we encrypt data rigorously, manage vendor risks, and train staff to avoid phishing scams, with penalties for lapses. We balance customer convenience with security, protecting against external threats and fraud. Risk management is core to our operations, and Apple Bank continues to navigate these challenges effectively. Also, when it comes to digital opportunities compared to in-person customer relations, we have trouble convincing our customers that getting their statement in the mail with their account number and other information on it is probably riskier in this day and age than viewing the statement electronically in online banking inside a secure website. Mail delivery isn’t everything that we grew up thinking it was, and sometimes the risks are not always the ones you think of.
Looking ahead, what would you say are Apple Bank’s top three business goals for the next three to five years?
In growing Apple Bank, we’ve been strategically expanding, with $18.5 billion in assets as of June 30, 2025, aiming for $20 billion in a year or so. Crossing the $10 billion regulatory threshold increases compliance demands and costs, so we can’t linger at $11 billion; we must scale significantly. Our move into New Jersey and other markets supports this, leveraging economies of scale from recent technology overhauls. Growth must be disciplined while maintaining strong credit and risk management to avoid reckless expansion or economic downturn risks. Our robust balance sheet positions us well, as evidenced by recent progress. We prioritize staying current with online banking services, including enhanced cash management and business platforms now in place. While historically a consumer bank, we’ve bolstered corporate offerings with an experienced team. Loan demand isn’t a primary concern, but building retail deposits takes time; many branches benefit from century-long relationships. New branches start from zero, requiring patience to grow deposits without compromising our risk profile. Our culture fosters open communication, where employees feel heard, projecting positivity to customers. Preserving this as we scale is critical to retaining what drives our success. Our goal isn’t dramatic but focused: Expand financially while delivering personal service with cutting-edge technology. As long as customers value this balance, Apple Bank has a clear place in the market.
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