Customers will continue to be served through
their respective Citizens and Investors branches, websites and
mobile applications after close and until systems are
converted
PROVIDENCE, R.I. and
SHORT HILLS, N.J.,
March 25, 2022
/PRNewswire/ -- Citizens Financial Group, Inc. (NYSE: CFG)
("Citizens") and Investors Bancorp, Inc. (NASDAQ: ISBC)
("Investors") today announced receipt of regulatory approval from
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 anticipated to close by mid-April 2022, pending satisfaction of customary
closing conditions. After closing, over the course of 2022,
Citizens will provide Investors' customers with comprehensive
information relating to the anticipated conversion of their
accounts to Citizens, targeted to be completed in the first quarter
of 2023. Until conversion, customers will continue to be served
through their respective Citizens and Investors branches, websites
and mobile applications.
"We are pleased 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 across the Northeast,
significantly adding to our growth potential," said Bruce Van Saun, Chairman and Chief Executive
Officer of Citizens. "We have been carefully planning for a
successful integration to ensure that we continue to provide
excellent customer service while making a strong entrance into the
New York City metro and
New Jersey regions."
"We are excited about the planned merger with Citizens. Our
customers, colleagues, communities and stockholders will benefit
from Citizens' scale, capabilities and commitment to excellence,"
said Kevin Cummings, Chairman and
Chief Executive Officer of Investors.
Key members of Investors' management team are expected to join
Citizens, ensuring business and client 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 Citizens' board of directors.
Domenick Cama, Investors' President
and Chief Operating Officer, will join Citizens as the New York City and New Jersey Market President
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 broad range of retail and
commercial banking products and services to individuals, small
businesses, middle-market companies, large corporations and
institutions. Citizens helps its customers reach their potential by
listening to them and by understanding their needs in order to
offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides 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 products and services include a full range of banking,
lending, savings, wealth management and small business offerings.
In Commercial Banking, Citizens offers a broad complement of
financial products and solutions, including lending and leasing,
deposit and treasury management services, foreign exchange,
interest rate and commodity risk management solutions, as well as
loan syndication, corporate finance, merger and acquisition, and
debt and equity capital markets capabilities. More information is
available at www.citizensbank.com or visit us on Twitter,
LinkedIn or Facebook.
About Investors Bancorp, Inc.
Investors Bancorp, Inc.
is the holding company for Investors Bank with assets of
approximately $28 billion as of
December 31, 2021 and operated from
its corporate headquarters in Short
Hills, New Jersey and 154 branches located throughout
New Jersey, New York and Pennsylvania.
Cautionary Statement About 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 "anticipates," "believes," "estimates,"
"expects," "forecasts," "intends," "plans," "projects," "targets,"
"designed," "could," "may," "should," "will" or other similar words
and expressions are intended to identify these forward-looking
statements. These forward-looking statements are based on Citizens'
and Investors' current expectations and assumptions regarding
Citizens' and Investors' businesses, the economy, and other future
conditions.
Because forward-looking statements relate to future results and
occurrences, 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 Citizens'
and/or Investors' future financial results and performance and
could cause the actual results, performance or achievements of
Citizens and/or Investors to differ materially from any anticipated
results expressed or implied by such forward-looking statements.
Such risks and uncertainties include, among others, (1) the risk
that the cost savings, any revenue synergies and other anticipated
benefits of the proposed transaction may not be realized or may
take longer than anticipated to be realized, including as a result
of the impact of, or problems arising from, the integration of the
two companies or as a result of the condition of the economy and
competitive factors in areas where Citizens and Investors do
business, (2) disruption to the parties' businesses as a result of
the announcement and pendency of the proposed transaction and
diversion of management's attention from ongoing business
operations and opportunities, (3) the occurrence of any event,
change or other circumstances that could give rise to the right of
one or both of the parties to terminate the definitive merger
agreement between Citizens and Investors, (4) the risk that the
integration of Citizens' and Investors' operations will be
materially delayed or will be more costly or difficult than
expected or that Citizens and Investors are otherwise unable to
successfully integrate their businesses, (5) the outcome of any
legal proceedings that may be instituted against Citizens and/or
Investors, (6) reputational risk and potential adverse reactions of
Citizens' and/or Investors' customers, suppliers, employees or
other business partners, including those resulting from the
announcement or completion of the proposed transaction, (7) the
failure of any of the closing conditions in the definitive merger
agreement to be satisfied on a timely basis or at all, (8) delays
in closing the proposed merger, (9) the possibility that the
proposed merger may be more expensive to complete than anticipated,
including as a result of unexpected factors or events, (10) the
dilution caused by Citizens' issuance of additional shares of its
capital stock in connection with the proposed transaction, (11)
general competitive, economic, political and market conditions,
(12) other factors that may affect future results of Investors
and/or Citizens including changes in asset quality and credit risk,
the inability to sustain revenue and earnings growth, changes in
interest rates and capital markets, inflation, customer borrowing,
repayment, investment and deposit practices, the impact, extent and
timing of technological changes, capital management activities, and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms, (13) the impact of the ongoing
global COVID-19 pandemic on Citizens' and/or Investors' businesses,
the ability to complete the proposed transaction and/or any of the
other foregoing risks, and (14) our ability to implement our
business strategy, including the cost savings and efficiency
components, and achieve our financial performance goals, including
through the integration of the HSBC branches.
Except to the extent required by applicable law or regulation,
each of Citizens and Investors disclaims any obligation to update
such factors or to publicly announce the results of any revisions
to any of the forward-looking statements included in this
communication to reflect future events or developments. Further
information regarding Citizens, Investors and factors which could
affect the forward-looking statements contained herein can be found
in 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.
Citizens Media: Peter
Lucht — 781.655.2289
Citizens Investor Relations: Kristin Silberberg — 203.900.6854
Investors Media: Dorian
Hansen — 973.924.5100
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SOURCE Investors Bancorp, Inc.