The Federal Deposit Insurance Corp. approved Investors Bancorp’s acquisition of the eight New Jersey and eastern Pennsylvania branches of Berkshire Bank, the wholly-owned subsidiary of Berkshire Hills Bancorp Inc, the financial institution announced on Aug. 2.
The acquisition is expected to be completed on Aug. 27, subject to the satisfaction of customary closing conditions, according to the announcement.
The definitive purchase and assumption agreement is dated Dec. 2, 2020, between Investors Bank and Berkshire Bank. FDIC approval marks the final required piece of regulatory approval required for the transaction.
Through the transaction, Investors Bank acquires approximately $633 million of deposits and $253 million of consumer and commercial loans, together with the related operations.
On July 28, Citizens Financial Group announced it would acquire all of the outstanding shares of Short Hills-based Investors Bancorp for a combination of stock and cash.
The agreement and plan of merger between Rhode Island-based Citizens Financial Group and Investors 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.