SHORT HILLS, NJ, August 30, 2021 / PRNewswire / – Investors Bancorp, Inc. (NASDAQ: ISBC) (the âCompanyâ), the parent company of Investors Bank, today announced that Investors Bank has completed the acquisition of the eight New Jersey and oriental Pennsylvania branches of Berkshire Bank, the wholly owned subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB). The transaction closed at the close of business on August 27, 2021 and includes the care and acquisition of approximately $ 630 million of deposits and around $ 220 million consumer and commercial loans, as well as related transactions.
As part of the transaction, the Company extinguished $ 600 million FHLB loans with an average rate of 2.13% and incurred approximately $ 10 million pre-tax costs accordingly.
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company of Investors Bank, which operates from its head office in Court Hills, New Jersey and 154 branches spread over New Jersey, new York and Pennsylvania.
Certain statements contained in this document are âforward-looking statementsâ within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, ” estimate “,” anticipate, “” continue “,” project “,” plan “,” potential “or similar terms or variations thereon, or the negative of such terms. Forward-looking statements are subject to many risks and uncertainties, as described in the information on “risk factors” included in our annual report on Form 10-K, supplemented in the quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available on the website SEC Web site at www.sec.gov, including, but not limited to those relating to the real estate and economic environment, particularly in the market areas in which the Company operates, products and competitive prices, tax policies and monetary policy of the United States government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and integration of acquired businesses, credit risk management, asset and liability management, financial and securities markets and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. The Company wishes to inform readers that the factors listed above could affect the financial performance of the Company and could cause the actual results of the Company for future periods to differ materially from the opinions or statements expressed regarding future periods in the future periods. current statements. The Company does not undertake and specifically disclaims any obligation to publish the results of any revision that may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unforeseen events. .
Investor Relations Contact
Bancorp Investors, Inc.
Contact: Marianne Wade
investor [email protected]
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SOURCE Investors Bancorp, Inc.