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Citizens Financial Group Completes Acquisition of Investors Bancorp

April 07, 2022, 07:18 AM
Filed Under: Mergers & Acquisitions

Citizens Financial Group, Inc. announced the closing of its previously announced acquisition of Investors Bancorp, Inc.

The acquisition of Investors, along with the recently completed acquisition of HSBC’s East Coast branches and national online deposit business, enhances Citizens’ banking franchise, adding an attractive middle market/small business and consumer customer base. These acquisitions significantly build on Citizens’ physical presence in the Northeast with the addition of more than 200 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. The combined Citizens franchise operates across some of the most attractive retail and commercial banking markets in the United States characterized by large and dense population centers, areas of high-income households and centers of robust business activity.

“With the acquisitions of Investors and HSBC’s East Coast branches now complete, we look forward to bringing our new customers the full range of Citizens capabilities and building a formidable business in the important New York City metro region and New Jersey markets,” said Bruce Van Saun, Citizens Chairman and Chief Executive Officer. “We are pleased to welcome more than 1,600 Investors colleagues to the Citizens family. Together we will drive future growth and deliver long-term value for all our stakeholders.”

Investors has been merged with Citizens, with Citizens as the surviving corporation. In addition, Investors Bank, a New Jersey state-chartered bank and wholly owned subsidiary of Investors, has been merged with Citizens Bank, National Association, (CBNA), with CBNA as the surviving bank.

Kevin Cummings, the former Chairman and Chief Executive Officer of Investors, and Michele N. Siekerka, who previously served on the board of directors of Investors, have been appointed to Citizens’ board of directors. Cummings and Siekerka have also been appointed to CBNA’s board of directors.

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.

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