Listen to this article

Moving the deal a step closer to completion, the Federal Deposit Insurance Corp. approved a plan for Long Island’s Gold Coast Bank to merge with and into a Short Hills-based institution with 147 branches throughout New Jersey and New York.

On March 10, Investors Bank parent company, Investors Bancorp, and Gold Coast Bancorp Inc., the parent company for Gold Coast, said its $63.6 million-valued deal can move ahead following the receipt of approval from the FDIC, the New Jersey Department of Banking and Insurance and the New York Department of Financial Services, and a waiver with respect to the merger from the board of governors of the Federal Reserve System.

Gold Coast shareholders approved the deal in December 2019, the parties said, for the transaction which is expected to be completed April 3, subject to satisfaction of customary closing conditions, as laid out in the July 24, 2019 agreement.

“This transaction represents an effective use of capital and roughly doubles our presence in suburban Long Island,” Investors’ Chairman and Chief Executive Officer Kevin Cummings said in a prepared statement back when the deal was first announced.

On Tuesday, the parties also announced the deadline for Gold Coast Bancorp shareholders to elect the form of consideration they wish to receive in connection with the deal at 5:00 p.m. EST on April 2, 2020. More shareholder information or people with questions should contact Georgeson LLC at (866) 695-6075.