The acquisition of Investors Bancorp, along with the recently closed acquisition of HSBC’s East Coast branches, will help Citizens Financial Group to better serve its customers
Citizens Bank headquarters in downtown Providence. (Credit: Kenneth C. Zirkel/Wikipedia)
US-based Citizens Financial Group has wrapped up the acquisition of Investors Bancorp, a full-service bank based in New Jersey, US.
The acquisition of Investors Bancorp, along with the recently closed acquisition of HSBC’s East Coast branches and national online deposit business, will help Citizens Financial Group to better serve its customers.
Citizens said that the deals will complement its physical presence in the Northeast with the addition of over 200 branches in the greater New York City and Philadelphia metropolitan areas and across New Jersey.
Citizens chairman and CEO Bruce Van Saun said: “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.
“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.”
As part of the deal, Investors Bancorp has been merged with Citizens, with Citizens as the surviving entity.
Furthermore, Investors Bank, a New Jersey state-chartered bank and a wholly-owned subsidiary of Investors Bancorp, has been merged with Citizens Bank, National Association, (CBNA), with CBNA as the surviving bank.
Kevin Cummings, the former chairman and CEO of Investors, and Michele Siekerka, who previously served on the board of directors of Investors, have been appointed to the board of directors of Citizens.
Cummings and Siekerka have also been appointed to the board of directors of CBNA.
Citizens said that it will provide customers of Investors with comprehensive information relating to the anticipated conversion of their accounts to Citizens. The conversion of the accounts is set to be completed in the first quarter of 2023.
Upon completion of the conversion, customers will continue to be served through their respective Citizens and Investors branches, websites and mobile applications.