Investors Bancorp Inc. completed its acquisition of eight New Jersey and eastern Pennsylvania branches of Berkshire Bank, the bank announced Aug. 30.
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, the announcement said.
Investors Bancorp has extinguished $600 million of Federal Home Loan Bank borrowings with an average rate of 2.13% and incurred approximately $10 million of pre-tax costs as a result.
On July 28, it was announced that Citizens Financial Group will acquire all of the outstanding shares of Investors Bancorp for a combination of stock and cash.
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