SHORT HILLS, N.J., Dec. 7, 2017 /PRNewswire/ -- Investors Bancorp,
Inc. (NASDAQ: ISBC) announced today it has implemented a plan to
reduce operating expenses, including a workforce reduction of
approximately 5% and the closure of six branch offices. The
workforce reduction will take effect by year end and it is
anticipated the branch closures will take effect the first week of
March 2018.
The Company estimates the workforce reduction along with the
branch closures will reduce its annual operating expenses by
approximately $10 to $12 million. In connection with the plan, the
Company expects to recognize non-recurring pre-tax expenses of
approximately $5 million in the
fourth quarter of 2017 attributed to severance benefits and the
costs related to the branch closures.
About the Company
Investors Bancorp, Inc. is the
holding company for Investors Bank, which as of September 30,
2017 operates from its corporate headquarters in Short Hills, New Jersey with approximately
$24.78 billion in assets and 155
branches located throughout New
Jersey and New York.
Forward Looking Statements
Certain statements
contained herein are "forward looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward
looking statements may be identified by reference to a future
period or periods, or by the use of forward looking terminology,
such as "may," "will," "believe," "expect," "estimate,"
"anticipate," "continue," or similar terms or variations on those
terms, or the negative of those terms. Forward looking
statements are subject to numerous risks and uncertainties, as
described in the "Risk Factors" disclosures included in our Annual
Report on Form 10-K, as supplemented in quarterly reports on Form
10-Q, including, but not limited to the risk that the anticipated
reduction in operating expenses referenced above are not
met.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers
that the factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the results of any
revisions that may be made to any forward looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
Contact: Marianne Wade
(973) 924-5100
investorrelations@myinvestorsbank.com
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SOURCE Investors Bancorp, Inc.