PROVIDENCE – Federal regulators have signed off on Citizens Financial Group Inc.’s $3.5 billion acquisition of a New Jersey-based bank, the company announced on Thursday.
The approvals from the Federal Reserve Board and the U.S. Office of the Comptroller of the Currency clear the way for the parent company of Citizens Bank to close the deal with Investors Bancorp Inc. by mid-April, the release stated.
The agreement first announced in July 2021 will give Citizens another 154 branches across the mid-Atlantic – 130 of which will be in the New York City metro area – 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.
Even after the deal closes, 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.
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.
