Citizens Bank Buys Investors Bancorp for $3.5 Billion

Citizens Bank is acquiring Investors Bank. Both of these banks often offer bonuses for new accounts. This merger should cut those bonus opportunities in half.

Citizens Financial Group which operates Citizens Bank branches in 11 states, announced on Wednesday  that it has entered into an agreement and merger plan valued at approximately $3.5 billion to acquire all outstanding shares of Investors Bancorp, Inc., Inc. for a combination of stock and cash. Investors Bank has 154 bank branches in greater New York City and Philadelphia metropolitan areas and throughout New Jersey.

Citizens also recently acquired HSBCs’ East Coast branches and national online deposits, in a deal that is projected to close in the first quarter of 2022. The Investors Bank acquisition is expected to close by the second quarter of 2022, pending approval by Investors’ shareholders, as well as regulatory approvals.

Am I the only one who mixed up these two banks? They both have green as their main color, and a somewhat similar logo.

HT: DoC