SHORT HILLS, N.J., Aug. 30, 2021 /PRNewswire/ -- Investors Bancorp,
Inc. (NASDAQ: ISBC) (the "Company"), the parent company of
Investors Bank, announced today that Investors Bank has completed
the 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 transaction was completed at the close of business
on August 27, 2021 and includes the
assumption and acquisition of approximately $630 million of deposits and approximately
$220 million of consumer and
commercial loans, together with the related operations.
In connection with the transaction, the Company has extinguished
$600 million of FHLB borrowings with
an average rate of 2.13% and incurred approximately $10 million of pre-tax costs as a
result.
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 154
branches located throughout New
Jersey, New York and
Pennsylvania.
Forward Looking Statements
Certain statements contained herein are "forward looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward looking statements may be
identified by reference to a future period or periods, or by the
use of forward looking terminology, such as "may," "will,"
"believe," "expect," "estimate," "anticipate," "continue,"
"project," "plan," "potential" or similar terms or variations on
those terms, or the negative of those terms. Forward looking
statements are subject to numerous risks and uncertainties, as
described in the "Risk Factors" disclosures included in our Annual
Report on Form 10-K, as supplemented in quarterly reports on Form
10-Q, filed with the Securities and Exchange Commission and
available on the SEC's website at www.sec.gov, including, but not
limited to, those related to the real estate and economic
environment, particularly in the market areas in which the Company
operates, competitive products and pricing, fiscal and monetary
policies of the U.S. Government, changes in government regulations
affecting financial institutions, including regulatory fees and
capital requirements, changes in prevailing interest rates,
acquisitions and the integration of acquired businesses, credit
risk management, asset-liability management, the financial and
securities markets and the availability of and costs associated
with sources of liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company does not undertake and specifically declines any
obligation to publicly release the results of any revisions that
may be made to any forward looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
Investor Relations Contact
Investors Bancorp, Inc.
Contact: Marianne Wade
(973) 924-5100
investorrelations@investorsbank.com
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SOURCE Investors Bancorp, Inc.