Citizens Financial Group, Inc., CFG which operates Citizens Bank branches in 11 states, closed its previously announced acquisition of Investors Bancorp, Inc. on Thursday (April 7), according to a joint press release.
Citizens’ addition of Investors Bancorp and the East Coast branches of HSBC and national online deposit business “enhances Citizens’ banking franchise” by “adding an attractive middle market/small business and consumer customer base,” the press release said.
The move will add more than 200 branches across New Jersey and the greater New York and Philadelphia areas.
“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 Citizens Chairman and CEO Bruce Van Saun.
“We are pleased to welcome more than 1,600 investors colleagues to the Citizens family,” he continued. “Together we will drive future growth and deliver long-term value for all our stakeholders.”
Kevin Cummings, the former chairman and CEO of Investors, and Michele N. Siekerka, who previously served on the board of directors of Investors, have also been appointed to Citizens’ board of directors.
Citizens will provide Investors’ customers with information as they transition their accounts to Citizens Bank accounts, which is expected to be wrapped up in the first quarter of 2023. Until the changeover is completed, customers will continue to be served through their respective Citizens and Investors branches, websites and mobile applications, per the release.
Citizens Financial Group announced the agreement to acquire Investors Bancorp for about $3.5 billion in outstanding stock shares and cash in July.
Related: Citizens Financial To Buy Investors Bank In $3.5B Deal
“The acquisition of Investors, following on the heels of the acquisition of HSBC’s East Coast branches, further strengthens our formidable franchise in the northeast, together adding roughly one million customers and boosting our near and long-term growth potential,” Van Saun said in the July announcement.
“We are confident in our ability to successfully integrate these acquisitions, and to over time deliver the same attractive offerings to customers and strong financial performance in the New York City metro region and New Jersey as we do in other major metro areas we serve,” he added.
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