Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
ALBANY, N.Y. (AP) — New York regulators have approved Goldman Sachs Bank USA's acquisition of assets of GE Capital Bank, based in Holladay, Utah.
The Department of Financial Services says Goldman Sachs Bank will assume about $17 billion of GE Capital Bank deposits, including retail online deposits and technology, and will hire its employees to operate the online retail deposit platform.
According to the department, the bank has to ensure its online deposit platform is accessible to a majority of consumers within its low-income Community Reinvestment Act assessment area.
It also has to notify regulators of plans to expand to expand the platform, including any retail lending, which would require department approval.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
