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Citizens Financial Group (NYSE: CFG) and Investors Bancorp (NASDAQ: ISBC) announced that their merger is set to close on April 6, 2022, pending customary conditions. The merger received regulatory approval from both the Federal Reserve and the Office of the Comptroller of the Currency. Citizens, with $188.4 billion in assets, aims to enhance services through this strategic merger with Investors, which manages approximately $28 billion in assets. This merger is anticipated to create synergies and expand market reach.
Citizens Financial Group (CFG) and Investors Bancorp (ISBC) announced the expected closing date of their merger on April 6, 2022, pending the satisfaction of customary closing conditions. The merger has already received regulatory approval from the Federal Reserve and the Office of the Comptroller of the Currency. Citizens, with $188.4 billion in assets as of December 31, 2021, aims to expand its offerings through this strategic merger with Investors, which has assets of approximately $28 billion. Both companies foresee potential synergies from this union.
Citizens Financial Group (CFG) and Investors Bancorp (ISBC) have received regulatory approval for Citizens' acquisition of Investors, expected to close by mid-April 2022. The merger aims to enhance Citizens' growth in the Northeast, particularly in the New York City metro and New Jersey regions. After closing, customers will be transitioned to Citizens' systems by Q1 2023. Notable management changes include key members of Investors joining Citizens' leadership team to ensure a smooth integration process. Citizens holds $188.4 billion in assets, while Investors has approximately $28 billion in assets.
Citizens Financial Group (NYSE: CFG) has received regulatory approval for its acquisition of Investors Bancorp (NASDAQ: ISBC), anticipated to close by mid-April 2022, pending customary conditions. This merger aims to enhance Citizens' presence in the Northeast, particularly in the New York City metro area. Post-acquisition, Investors' customers will transition to Citizens systems by Q1 2023. Key management from Investors will join Citizens to ensure a smooth integration and customer continuity. Citizens reported $188.4 billion in assets as of December 31, 2021.
Investors Bancorp reported a fourth quarter net income of $94.3 million ($0.40 per share), up from $66.9 million in Q3 2021 and $75.1 million in Q4 2020. For the year, net income reached $313.3 million ($1.33 per share), a significant rise from $221.6 million in 2020. The company declared a cash dividend of $0.16 per share payable on February 25, 2022. Loans increased by $692.7 million in Q4 2021, with non-interest deposits up 7.2%. The merger with Citizens Financial Group is anticipated to close in Q2 2022, pending regulatory approvals.
Investors Bancorp, Inc. (NASDAQ: ISBC) will report its fourth-quarter earnings for the period ending December 31, 2021, on January 26, 2022, at 5:00 p.m. ET. As of September 30, 2021, the company had $27.32 billion in assets and operates 154 branches across New Jersey and New York. The earnings report will be available on their website.
Investors Bancorp, Inc. (NASDAQ: ISBC) has received stockholder approval for its merger with Citizens Financial Group, Inc., as confirmed during a special meeting on November 19, 2021. The merger is anticipated to close in the first half of 2022, pending regulatory approvals and customary conditions. Chairman Kevin Cummings expressed confidence that this transaction will enhance the company’s scale and capabilities, benefiting customers, employees, and shareholders.
Investors Bancorp (ISBC) reported net income of $66.9 million ($0.28 per diluted share) for Q3 2021, down from $79.8 million in Q2 2021. Year-to-date net income rose to $219 million ($0.93 per diluted share), compared to $146.4 million in 2020. Costs linked to its merger with Citizens Financial and Berkshire Bank's acquisition amounted to $10.9 million and $7.4 million, respectively. Non-interest income increased by $2.9 million while expenses rose by $23.6 million. A cash dividend of $0.14 per share was declared, payable on November 26, 2021.
Investors Bancorp, Inc. (Nasdaq: ISBC) has announced the date for its third-quarter earnings report, which will be released on October 27, 2021 at approximately 5:00 p.m. ET. As of June 30, 2021, the company reported assets totaling $26.80 billion and operates 146 branches across New Jersey and New York.
Investors Bancorp, Inc. (NASDAQ: ISBC) announced the completion of its acquisition of eight branches of Berkshire Bank in New Jersey and eastern Pennsylvania on August 27, 2021. The deal includes approximately $630 million in deposits and $220 million in loans. Investors Bank also extinguished $600 million of FHLB borrowings at an average rate of 2.13%, incurring around $10 million in pre-tax costs. This strategic acquisition aims to expand market presence and operational capabilities.
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