Citizens Financial Group Inc.’s acquisition of Short Hills-based Investors Bancorp Inc. received regulatory approval from the Federal Reserve System’s board of governors and the Office of the Comptroller of the Currency on March 22.
Citizen‘s acquisition of Investors – the holding company for Investors Bank – was announced last summer. The deal, which was valued at approximately $3.5 billion at that time, is now on track for a mid-April closing, according to a March 24 statement from the parties, pending satisfaction of customary closing conditions.
“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 Investors Chairman and CEO Kevin Cummings.
The deal, under which Citizens will acquire all outstanding share of Investors, was approved by the target’s stockholders in November. It will add 153 branches to the Rhode Island-based buyer, and approximately $27.8 billion in total assets and $21 billion in deposits, as of Dec. 31, 2021, the most recent information available.
Following the closing, current Investors board members Cummings and Michele Siekerka, president and CEO of the New Jersey Business & Industry Association, are expected to join the Citizens’ board of directors. Meanwhile, Investors President and Chief Operating Officer Domenick Cama will join as New York City and New Jersey market president and co-head of integration, according to the companies.
“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 Citizens Chairman and CEO Bruce Van Saun in a statement. “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.”
Until the conversion of Investors’ accounts to Citizens’ accounts is complete, which is anticipated for the first quarter of 2023, the partners said customers will continue to use their respective branches, websites and apps.