Citizens Financial Group completes acquisition of Investors Bancorp
PROVIDENCE, RI–(BUSINESS WIRE)–Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today announced the closing of its previously announced acquisition of Investors Bancorp, Inc. (“Investors”).
The acquisition of Investors, along with the recently completed acquisition of HSBC’s East Coast branches and national online deposit business, strengthen Citizens’ banking franchise, adding an attractive middle market/desk customer base. small businesses and consumers. These acquisitions significantly leverage Citizens’ physical presence in the Northeast with the addition of more than 200 branches located in the major metropolitan areas of New York and Philadelphia and throughout New Jersey. The combined Citizens franchise operates in 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 commercial activity.
“With the acquisitions of Investors and HSBC’s East Coast branches now complete, we look forward to bringing our new customers the full range of Citizens capabilities and building a formidable business in the important New York metropolitan area. York and New Jersey markets,” said Bruce Van. Saun, president and CEO of Citizens. “We are pleased to welcome over 1,600 fellow Investors to the Citizens family. Together, we will drive future growth and deliver long-term value to all of our stakeholders. »
Investors was merged into Citizens, with Citizens being the surviving company. In addition, Investors Bank, a New Jersey state-chartered bank and wholly-owned subsidiary of Investors, was merged into Citizens Bank, National Association (“CBNA”), with CBNA as the surviving bank.
Kevin Cummings, the former chairman and CEO of Investors, and Michele N. Siekerka, who previously served on the board of Investors, have been appointed to the board of Citizens. Mr. Cummings and Ms. Siekerka have also been appointed to the CBNA Board of Directors.
During 2022, Citizens will provide investors’ clients with full information on the planned conversion of their accounts to Citizens, which is expected to be completed in the first quarter of 2023. Until the conversion, clients will continue to be served by their respective citizens. and investor branches, websites and mobile apps. Additional information regarding the conversion of Investors client accounts is available at the Citizens Resource Center.
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 wide range of retail and commercial banking products and services for individuals, small businesses, ETIs, large corporations and institutions. Citizens helps its clients reach their potential by listening to them and understanding their needs in order to offer advice, ideas and tailor-made solutions. In Consumer Banking, Citizens offers an integrated experience that includes mobile and online banking, a full-service customer contact center, and the convenience of approximately 3,300 ATMs and more than 1,100 branches in 14 states and the district. of Columbia. Consumer Banking’s products and services include a full range of banking, lending, savings, wealth management and small business offerings. In commercial banking, Citizens offers a wide range of financial products and solutions, including lending and leasing services, deposit and cash management services, foreign exchange risk management solutions, interest rate interest and commodities, as well as loan syndication, corporate finance, mergers and acquisitions, and debt and equity markets capabilities. More information is available at www.citizensbank.com or visit us at TwitterLinkedIn or Facebook.
Caution Regarding 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. Words such as “plans”, “believes”, “estimates”, “expects”, “plans”, “intends”, “plans”, “projects”, “targets”, “designs” , “could”, “may”, “should”, “shall” or other similar words and expressions are intended to identify such forward-looking statements. These forward-looking statements are based on the current expectations and assumptions of the citizens regarding the businesses of the citizens, the economy and other future conditions.
Because forward-looking statements relate to future results and events, 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 the future financial results and performance of Citizens and could cause the actual results, performance or achievements of Citizens after the completion of the transaction to differ materially from the anticipated results expressed or implied by these forward-looking statements. These risks and uncertainties include, among others, (1) the risk that the cost savings, revenue synergies and other benefits anticipated from the transaction may not be realized or may take longer than expected to be realized, including due to the impact of or problems arising from the integration of the two companies or due to the state of the economy and competitive factors in the areas in which citizens do business, (2) the risk that Citizens’ operations are materially delayed or are more costly or difficult than anticipated or Citizens are otherwise unable to successfully integrate Investors’ business, (3) the outcome of any legal proceedings that may be brought against Citizens to the outcome of the transaction, (4) reputational risk and potential adverse reactions of Citizens’ customers, suppliers, employees or other business partners, including those resulting from the consummation of the transaction, (5) the dilution caused by Citizens issuing additional shares of its share capital in connection with the transaction, (6) general competitive, economic, political and market conditions, (7) other factors that may affect Citizens’ future results, including changes in asset quality and credit risk, failure to sustain revenue and earnings growth, changes in interest rates, interest and capital markets, inflation, customer borrowings, repayments, investment and deposit practices, the impact, extent and timing of technological change, capital management activities and other Federal Reserve Board actions and laws and regulatory actions and reforms, (8) the impact of the ongoing global COVID-19 pandemic on citizen businesses, and (9) our ability to implement our c-strategy business, including cost savings and efficiency components, and to achieve our financial performance targets, including through the integration of Investors and HSBC agencies.
Except to the extent required by applicable law or regulation, Citizens undertakes no obligation to update these factors or to publicly announce the results of any revisions to any of the forward-looking statements included in this communication to reflect events or developments future. Additional information regarding the Citizens and factors that could affect the forward-looking statements contained herein may be found in the Citizens’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). , and its other filings with the SEC.