Citizens Financial Group, Inc. and Investors Bancorp, Inc. announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to complete the previously announced acquisition of Investors.
The acquisition is anticipated to close by mid-April 2022, pending satisfaction of customary closing conditions. After closing, over the course of 2022, Citizens will provide Investors’ customers with comprehensive information relating to the anticipated conversion of their accounts to Citizens, targeted to be completed in the first quarter of 2023. Until conversion, customers will continue to be served through their respective Citizens and Investors branches, websites and mobile applications.
We are pleased to have received regulatory approval to complete the acquisition of Investors, which closely follows the acquisition of HSBC’s East Coast branches. The addition of these two businesses strengthens our franchise across the Northeast, significantly adding to our growth potential. We have been carefully planning for a successful integration to ensure that we continue to provide excellent customer service while making a strong entrance into the New York City metro and New Jersey regions.”
Bruce Van Saun, Chairman and Chief Executive Officer of Citizens
“We are excited about the planned merger with Citizens. Our customers, colleagues, communities and stockholders will benefit from Citizens' scale, capabilities and commitment to excellence,” said Kevin Cummings, Chairman and Chief Executive Officer of Investors.
Key members of Investors' management team are expected to join Citizens, ensuring business and client continuity. Upon closing of the transaction, Mr. Cummings and Michele N. Siekerka, who currently serve on the board of directors of Investors, are expected to join Citizens’ board of directors. Domenick Cama, Investors’ President and Chief Operating Officer, will join Citizens as the New York City and New Jersey Market President and Co-Head of Integration.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of nearly 3,000 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company for Investors Bank with assets of approximately $28 billion as of December 31, 2021 and operated from its corporate headquarters in Short Hills, New Jersey and 154 branches located throughout New Jersey, New York and Pennsylvania.