Investors Savings Bank, Investors Bancorp, Inc.’s wholly-owned subsidiary, has signed a purchase and assumption agreement with Banco Popular North America to acquire approximately $250 million of deposits and six New Jersey branch offices for a deposit premium of 1.0%. Investors is not acquiring loans as part of this transaction.
“Building upon our recent acquisition of American Bancorp of New Jersey, this transaction enables us to strategically expand our franchise, leverage our strong financial position and enhance shareholder value,” says Kevin Cummings, president and CEO of Investors. Investors’ existing branch network will be complemented by adding branch offices in Clifton(2), Montclair, Newark(2) and East Orange, New Jersey. “We look forward to providing the same high quality, personalized level of customer service experienced by the depositors and communities served by these branch offices.”
Investors expects to retain the current staff at these branch offices.
This transaction has received approvals from the boards of directors of both companies, and remains subject to regulatory approval. The acquisition is expected to close during the quarter ending September 2009.
D.C.