PROVIDENCE – Citizens Financial Group Inc. has closed on the $3.5 billion deal to buy a New Jersey bank, the company announced on Thursday.
The acquisition of Investors Bancorp Inc., which received federal approvals in March, adds another 154 branches across the mid-Atlantic – 130 of which will be in the New York City metro area – to Citizens, along with $27 billion in total assets and $20 billion in deposits. It will also allow Citizens to expand its middle market, small business and consumer customers, the company has stated.
Investors customers will continue to use their own branches, website and mobile app until their accounts are converted to Citizens, estimated in the first quarter of 2023, the release stated. Citizens is also taking on about 1,600 former Investors employees.
The acquisition follows the recent closing of another deal in which Citizens acquired 80 branches and online deposits for eastern U.S. locations of European bank HSBC Holdings. Together, the two deals will put the parent company for Citizens Bank in the top-10 deposit rankings for the New York City metro region and increase diluted earnings per share by 8.8% by 2023.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
