Investors Bancorp Inc.’s and Citizens Financial Group Inc.’s plans to merge have taken a step toward closing.
On Nov. 19, Investors announced its stockholders approved the deal at a special meeting held that day.
The merger, which will see Citizens acquire all outstanding shares of Investors, was announced over the summer. It will add 154 branches to Rhode Island-based Citizens, along with approximately $27 billion in total assets and $20 billion in deposits.
The deal is anticipated to close in the first half of 2022, subject to the receipt of regulatory approvals and other customary closing conditions.
“We are very pleased to have received overwhelming stockholder support for the planned merger with Citizens,” Investors Chairman and CEO Kevin Cummings said. “Our customers, colleagues, communities and stockholders will benefit from Citizens’ scale, capabilities and commitment to excellence.”
In August, Investors Bank completed its own acquisition of certain Berkshire Bank branches located in eastern Pennsylvania.
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