Deal Worth $63.9 Million
March 11, 2020
Investors Bancorp and Gold Coast Bancorp Inc. have received approval for their planned merger. The deal has also received approval from the New Jersey Department of Banking and Insurance and the New York Department of Financial Services, and a waiver with respect to the merger from the board of governors of the Federal Reserve System.
The mergers are expected to be completed on April 3. The deal is valued at $63.9 million, according to NJBiz.com. The combined entity will have over 150 branches in New York and New Jersey once the deal is completed.
As previously announced, under the terms of the merger agreement, the shareholders of Gold Coast Bancorp can elect to receive, for each Gold Coast Bancorp common share held, either cash or shares of Investors Bancorp common stock in connection with the bank holding company merger. Read More
The Bottom Line
Most financial institutions have tremendous excess capacity in their existing branches today.