Investors Bancorp, Inc., a holding company for Investors Savings Bank, decided not to participate in the Treasury Department’s Capital Purchase Program which is part of the broader Troubled Asset Relief Program (TARP).
Investors Bancorp explains such decision by the position to continue lending to individuals and businesses in its New Jersey market. As of 30 September 2008, the Company had a tier 1 leverage capital ratio of 12.67%, a tier 1 risk based capital ratio of 22.33% and a total risk based capital ratio of 22.82%.
The companys mutual holding parent, Investors Bancorp MHC, currently owns approximately 60% of the Company’s outstanding stock thus enabling incorporation to raise additional capital through a second step stock offering.
We applaud the efforts of the U.S. Government in an attempt to respond to the financial crises affecting the financial service industry, says Kevin Cummings, president and chief executive officer. Given our excess capital position and the ability to raise additional capital, we have decided not to participate in the Capital Purchase Program.”
“During this period of unprecedented turmoil in the financial markets we have continued to increase our loan portfolio. We believe that our capital position will allow us to grow our business and take advantage of opportunities in the future.”
L.D.