Banking / Financial

Citizens Acquisition of Investors Receives Regulatory Approval

The previously announced $3.5 billion acquisition by Citizens Financial Group, Inc. of Investors Bancorp, Inc. has received regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.

Citizens, which is based in Providence, RI, is acquiring all of the outstanding shares of Short Hills-based Investors Bancorp for a combination of stock and cash.

The acquisition is anticipated to close by mid-April 2022, pending satisfaction of customary closing conditions. After closing, over the course of 2022, Citizens will provide Investors’ customers with comprehensive information relating to the anticipated conversion of their accounts to Citizens, targeted to be completed in the first quarter of 2023. Until conversion, customers will continue to be served through their respective Citizens and Investors branches, websites and mobile applications.

Investors has 156 retail branches throughout New Jersey and New York. Meanwhile, Citizens has approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions.

The acquisition of Investors enhances Citizens’ banking franchise, adding an attractive middle market/ small business and consumer customer base while building its physical presence in the greater New York City and Philadelphia metropolitan areas and across New Jersey.

“We are pleased to have received regulatory approval to complete the acquisition of Investors, which closely follows the acquisition of HSBC’s East Coast branches. The addition of these two businesses strengthens our franchise across the Northeast, significantly adding to our growth potential,” said Bruce Van Saun, chairman and chief executive officer of Citizens. “We have been carefully planning for a successful integration to ensure that we continue to provide excellent customer service while making a strong entrance into the New York City metro and New Jersey regions.”

“We are excited about the planned merger with Citizens. Our customers, colleagues, communities and stockholders will benefit from Citizens’ scale, capabilities and commitment to excellence,” said Kevin Cummings, chairman and chief executive officer of Investors.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of Dec. 31.

Investors Bancorp, Inc. is the holding company for Investors Bank with assets of approximately $28 billion as of Dec. 31.

To access more business news, visit NJB News Now.

Related Articles: