Citizens Financial Group will acquire all of the outstanding shares of Short Hills-based Investors Bancorp for a combination of stock and cash, the two jointly announced on July 28.
The acquisition of Investors enhances Providence, R.I-based Citizens’ banking franchise, serving communities in the greater New York City and Philadelphia metropolitan areas and across New Jersey, with the addition of 154 branches. It will also add approximately $27 billion in total assets, $20 billion in deposits, and an attractive commercial and consumer customer base.
Following completion of the transaction, former Investors shareholders will collectively own approximately 14% of the combined company. The implied total transaction value based on closing prices on July 27, 2021, is approximately $3.5 billion.
This news complements Citizens’ recent announced acquisition of HSBC’s East Coast branches and national online deposit business, which included branches in the New York metro area and is expected to close in the first quarter of 2022.
The combined Citizens franchise will operate across some of the most attractive retail and commercial banking markets in the United States, characterized by large and dense population centers, areas of high-income households and centers of robust business activity.

Cummings
“Joining Citizens, with its broad capabilities, scale and commitment to excellence in customer service opens exciting opportunities for our combined company,” said Kevin Cummings, chairman and chief executive officer of Investors. “Citizens shares Investors’ deep commitment to serving customers, supporting colleagues and giving back to local communities. Our local market expertise and personal touch will align well with Citizens’ approach and together we will drive long-term value for all our stakeholders.”
Key members of Investors’ management team are expected to join Citizens, ensuring business and client continuity. Upon closing of the transaction, Cummings and New Jersey Business & Industry Association President and CEO Michele Siekerka, who are current members of the board of directors of Investors, are expected to join Citizens’ board of directors.
The agreement and plan of merger was unanimously approved by the boards of directors of each company and the transaction is expected to close in the first or second quarter of 2022.
Morgan Stanley & Co. LLC acted as financial advisor to Citizens in connection with the transaction and Sullivan & Cromwell LLP served as legal advisor. Keefe, Bruyette & Woods, A Stifel Co., served as lead financial advisor; Piper Sandler & Co. and Lazard also served as financial advisors, and Luse Gorman PC served as legal advisor to Investors.