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Investors Bancorp (ISBC) in Short Hills, N.J., has received approval from the Federal Reserve Board to buy Roma Financial (ROMA) in Robbinsville, N.J.
December 3 -
Nearly a quarter of Investors Bancorp's branches will be near the Philadelphia suburbs once it completes its acquisitions of Gateway Community and Roma Financial.
April 8 -
Kevin Cummings makes our list of Community Bankers to Watch as his New Jersey mutual thrift mulls a second-step conversion and possible acquisitions around New York.
December 17
Investors Bancorp (ISBC), in Short Hills, N.J., filed registration papers to dissolve its mutual holding company and convert to a fully stock-owned company.
Investors did not disclose the amount that it plans to raise with the second-step conversion. The company will use the proceeds "to continue capital initiatives such as organic growth, acquisitions, dividend payments and share repurchases," Kevin Cummings, president and chief executive, said in a news release.
Investors also did not disclose a projected date for the conversion.
With $13.8 billion of assets, Investors is the largest thrift majority-owned by a mutual holding company. As of Sept. 30, the mutual holding company owned about 62% of Investors Bancorp.
Cummings has said for months that Investors
Investors also has
Luse Gorman Pomerenk & Schick is giving legal counsel to Investors on the conversion. Investors did not name its financial advisers or its underwriter for the planned stock sale.