Citizens Financial Group and Investors Bancorp Receive Regulatory Approval for Citizens Acquisition of Investors
Customers will continue to be served through their respective citizen and investor branches, websites and mobile applications after the closure and until the systems are converted.
PROVIDENCE, RI & SHORT HILLS, NJ, March 24, 2022–(BUSINESS WIRE)–Citizens Financial Group, Inc. (NYSE: CFG) (“Citizens”) and Investors Bancorp, Inc. (NASDAQ: ISBC) (“Investors”) announced today that they have received approval of the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to complete the previously announced acquisition of Investors.
The acquisition is expected to close by mid-April 2022, pending the satisfaction of customary closing conditions. Post-closing, during 2022, Citizens will provide Investor Clients with complete information regarding the planned conversion of their accounts to Citizens, which is expected to be completed in the first quarter of 2023. Until the conversion, Clients will continue to be served through their respective Citizens and Investors agencies, websites and mobile applications.
“We are delighted to have received regulatory approval to complete the acquisition of Investors, which closely follows the acquisition of HSBC’s East Coast branches. The addition of these two businesses strengthens our franchise in the North East, adding significantly to our growth potential,” said Bruce Van Saun, President and CEO of Citizens. “We have carefully planned a successful integration to ensure that we continue to provide excellent customer service while making a strong entry into the New York and New Jersey metro areas.”
“We are excited about the planned merger with Citizens. Our clients, colleagues, communities and shareholders will benefit from Citizens’ scale, capabilities and commitment to excellence,” said Kevin Cummings, President and CEO of Investors.
Key members of Investors’ management team are expected to join Citizens, ensuring business and customer continuity. Upon closing of the transaction, Mr. Cummings and Michele N. Siekerka, who currently serve on the board of directors of Investors, are expected to join the board of directors of Citizens. Domenick Cama, president and chief operating officer of Investors, will join Citizens as president of the New York and New Jersey market and co-head of integration.
About Citizens Financial Group, Inc..
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a wide range of retail and commercial banking products and services for individuals, small businesses, ETIs, large corporations and institutions. Citizens helps its clients reach their potential by listening to them and understanding their needs in order to offer advice, ideas and tailor-made solutions. In Consumer Banking, Citizens offers an integrated experience that includes mobile and online banking, a 24/7 customer contact center, and the convenience of nearly 3,000 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking’s products and services include a full range of banking, lending, savings, wealth management and small business offerings. In commercial banking, Citizens offers a wide range of financial products and solutions, including lending and leasing services, deposit and cash management services, foreign exchange risk management solutions, interest rate interest and commodities, as well as loan syndication, corporate finance, mergers and acquisitions, and debt and equity markets capabilities. More information is available at www.citizensbank.com or visit us at TwitterLinkedIn or Facebook.
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company of Investors Bank with assets of approximately $28 billion as of December 31, 2021 and operates from its headquarters in Short Hills, New Jersey and 154 branches located in New Jersey, New York and Pennsylvania.
Caution Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of citizens and investors. Words such as “plans”, “believes”, “estimates”, “expects”, “plans”, “intends”, “plans”, “projects”, “targets”, “designs” , “could”, “may”, “should”, “shall” or other similar words and expressions are intended to identify such forward-looking statements. These forward-looking statements are based on the current expectations and assumptions of citizens and investors regarding citizen and investor activities, the economy and other future conditions.
Because forward-looking statements relate to future results and events, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect the future financial results and performance of Citizens and/or Investors and could cause the actual results, performance or achievements of Citizens and/or Investors to differ materially from the anticipated results expressed or implied. -understood by this forward-looking information. statements. These risks and uncertainties include, among others, (1) the risk that the cost savings, revenue synergies and other benefits anticipated from the proposed transaction may not be realized or may take longer than expected to be realized, including due to the impact or problems arising from the integration of the two companies or due to the state of the economy and competitive factors in areas where citizens and investors do business, (2) disruption activities of the parties due to the announcement and expectation of the proposed transaction and the diversion of management’s attention from ongoing business transactions and opportunities, (3) the occurrence of any event, change or other circumstance which may give rise to the right of either or both parties to terminate the definitive Citizens-Investors merger agreement, (4) the risk that the integration of the operations of the Citizens and Investors may urs be materially delayed or be more costly or difficult than anticipated or that Citizens and Investors are unable to successfully integrate their businesses, (5) the outcome of any legal proceedings that may be brought against Citizens and/or or Investors, (6) reputational risk and potential adverse reactions from Citizens and/or Investors’ customers, suppliers, employees or other business partners, including those resulting from the announcement or completion of the transaction proposed, (7) failure of any of the closing conditions of the definitive merger agreement to be satisfied on a timely basis or at all, (8) delays in the closing of the proposed merger, (9 ) the possibility that the proposed merger will be more costly to complete than expected, including due to unexpected factors or events, (10) the dilution caused by Citizens’ issuance of additional shares of its share capital under of the proposed transaction, (11) general competitive, economic, political and market conditions, (12) other fact or which may affect the future results of investors and / or citizens, including changes in asset quality and risk failure to sustain revenue and earnings growth, changes in interest rates and capital markets, inflation, customer borrowing, repayments, investment and deposit practices , the impact, extent and timing of technological changes, capital management activities and other Federal Reserve Board actions and legislative and regulatory actions and reforms, (13) the impact of the pandemic ongoing COVID-19 impact on citizens and/or corporate investors, the ability to complete the proposed transaction and/or any of the other risks noted above, and (14) our ability to implement our strategy. ie business, including cost savings and efficiency components, and to achieve our financial performance targets, including through the integration of HSBC branches.
Except to the extent required by applicable law or regulation, each of the Citizens and Investors disclaims any obligation to update these factors or to publicly announce the results of any revisions to any of the forward-looking statements included in this communication for reflect future events or developments. . Further information regarding the citizens, investors and factors that could affect the forward-looking statements contained herein is available in the Citizens’ and Investors’ Annual Reports on Form 10-K for the fiscal year ended December 31, 2021. filed with the Securities and Exchange Commission. (“SEC”), and their other filings with the SEC.
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