The board of governors of the Federal Reserve and the Office of the Comptroller of the Currency approved Citizens Financial Group’s previously announced acquisition of Investors Bancorp.
The acquisition is expected to close by mid-April, pending satisfaction of customary closing conditions. After closing, over the course of 2022, Citizens will provide Investors’ customers with information relating to the anticipated conversion of their accounts to Citizens, which is targeted to be completed in Q1/23. 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,” Bruce Van Saun, chairman and CEO of Citizens, said. “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.”
“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,” Kevin Cummings, chairman and CEO of Investors, said.
Some members of Investors’ management team are expected to join Citizens. Upon closing of the transaction, 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 New York City and New Jersey market president and co-head of integration.
