SHORT HILLS, N.J., Aug. 2, 2021 /PRNewswire/ -- Investors
Bancorp, Inc. (NASDAQ: ISBC) ("Investors Bancorp"), the parent
company of Investors Bank, announced today that the Federal Deposit
Insurance Corporation has approved Investors Bank's acquisition of
the eight New Jersey and eastern
Pennsylvania branches of Berkshire
Bank, the wholly-owned subsidiary of Berkshire Hills Bancorp, Inc.
(NYSE: BHLB).
The acquisition is expected to be completed on August 27, 2021, subject to the satisfaction of a
number of customary closing conditions set forth in the definitive
purchase and assumption agreement dated as of December 2, 2020 between Investors Bank and
Berkshire Bank. With receipt of the FDIC approval, all
required regulatory approvals for the transaction have been
received by Investors Bank. The transaction includes the
assumption and acquisition of approximately $633 million of deposits and $253 million of consumer and commercial loans,
together with the related operations.
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company for Investors
Bank, which operates from its corporate headquarters in
Short Hills, New Jersey and 146
branches located throughout New
Jersey and New York.
Forward Looking Statements
This communication contains forward-looking statements with
respect to the proposed mergers that are made in reliance upon the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements speak only as
of the date made, and are subject to numerous assumptions, risks
and uncertainties, all of which may change over time.
Investors Bancorp assumes no obligation for updating any such
forward-looking statements at any time.
Investor Relations Contact
Investors Bancorp, Inc.
Contact: Marianne Wade
(973) 924-5100
investorrelations@investorsbank.com
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SOURCE Investors Bancorp, Inc.