■ Banking
Continued From Page 28 Based on financials as of March 31 , 2021 , the combined company upon completion of the transaction will have approximately $ 4.0 billion in assets , $ 3.0 billion in gross loans , $ 3.1 billion in deposits and 26 branches throughout New Jersey . On a pro forma basis , the transaction is expected to be nearly 30 percent accretive to Spencer ’ s 2022 earnings .
The transaction has been unanimously approved by the Boards of Directors of each company and is anticipated to be completed during the fourth quarter of 2021 , subject to regulatory approvals , the approval of the shareholders of Mariner ’ s Bancorp and other customary closing conditions .
“ This opportunity brings together two community focused companies ,” explains Spencer Savings Bank , SLA Chairman and CEO José B . Guerrero . “ It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County . We are excited to welcome Mariner ’ s Bank team and customers and look forward to the opportunity to work with them .”
Spencer was advised in this transaction by the investment banking firm of Piper Sandler & Co . and represented by the law firm of Locke Lord LLP . Mariner ’ s Bancorp and Mariner ’ s Bank were advised by The Kafafian Group and represented by the law firm of Windels Marx Lane & Mittendorf , LLP .
Citizens Financial Group , Inc . to Acquire Investors Bancorp , Inc .
Citizens Financial Group , Inc . ( Citizens ) and Investors Bancorp , Inc . ( Investors ) have entered into a definitive agreement and plan of merger under which Citizens will acquire all of the outstanding shares of Investors for a combination of stock and cash . The acquisition of Investors enhances Citizens ’ banking franchise , adding an attractive middle market , small business and consumer customer base while building its physical presence in the northeast with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey .
The acquisition complements Citizens ’ recently announced acquisition of HSBC East Coast branches and national online deposits which is expected to close in first quarter 2022 . The combined Citizens franchise will operate across some of the most attractive retail and commercial banking markets in the United States characterized by large and dense population centers , areas of high-income households and centers of robust business activity .
“ The acquisition of Investors , following on the heels of the acquisition of HSBC ’ s East Coast branches , further strengthens our formidable franchise in the northeast , together adding roughly one million customers and boosting our near- and long-term growth potential ,” says Bruce Van Saun , chairman and CEO of Citizens .
“ We are confident in our ability to successfully integrate these acquisitions and to , over time , deliver the same attractive offerings to customers and strong financial performance in the New York City metro region and New Jersey as we do in other major metro areas we serve .”
This includes Investors ’ pending acquisition of 8 Berkshire Hills branches .
“ Joining Citizens , with its broad capabilities , scale and commitment to excellence in customer service opens exciting opportunities for our combined company ,” says Kevin Cummings , chairman and CEO of Investors . “ Citizens shares Investors ’ deep commitment to serving customers , supporting colleagues and giving back to local communities . Our local-market expertise and personal touch will align well with Citizens ’ approach and together we will drive long-term value for all our stakeholders .”
Highlights of the proposed transaction to acquire Investors include : creating long-term shareholder value ; identifies cost savings and other synergies ; and advances Citizens ’ strategy with solid presence in important markets .
Under the terms of the agreement and plan of merger , Investors shareholders will receive 0.297 of a share of CFG common stock and $ 1.46 in cash for each share of Investors they own . Following completion of the transaction , former Investors shareholders will collectively own approximately 14 % of the combined company .
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