Banking / Financial

Investors Bancorp Completes Acquisition of 8 Berkshire Bank Branches

Short Hills-based Investors Bancorp, Inc., the parent company of Investors Bank, announced that Investors Bank has completed the acquisition of the eight New Jersey and eastern Pennsylvania branches of Berkshire Bank, the wholly-owned subsidiary of Berkshire Hills Bancorp, Inc.  The transaction was completed at the close of business on Aug. 27 and includes the assumption and acquisition of approximately $630 million of deposits and approximately $220 million of consumer and commercial loans, together with the related operations.

In connection with the transaction, the company has extinguished $600 million of FHLB borrowings with an average rate of 2.13% and incurred approximately $10 million of pre-tax costs as a result.

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