Short Hills-based Investors Bancorp Inc., the parent company of Investors Bank, has acquired New York-based Gold Coast Bancorp Inc. for $63.6 million.
Under the deal, Gold Coast Bank has merge with and into Investors Bank. As a result of the merger, former Gold Coast shareholders will receive an aggregate of 2.8 million shares of Investors common stock and an aggregate of $31 million in cash. Each share of Gold Coast common stock was converted into either $15.75 in cash or 1.422 shares of Investors common stock or a combination of the two to ensure 50% of the transaction consideration will be paid in the form of Investors common stock.
As of Dec. 31, 2019, Gold Coast had $559.8 million in assets, $467.4 million in loans and $465 million in deposits.
“We are pleased to have completed the merger and we welcome the shareholders, customers and employees of Gold Coast Bank to our Investors Bank family. We look forward to delivering our exceptional banking services to our newest customers,” Kevin Cummings, chairman and CEO, Investors Bancorp, said.
Investors will now operate 154 branch offices throughout New Jersey, Philadelphia and New York City and Long Island.
“The merger expanded the Investors Bank franchise by six branches in Nassau and Suffolk counties in suburban Long Island and one branch in Brooklyn. The completion of this merger strengthens and deepens our presence in the suburban Long Island market,” Cummings said.
“We appreciate the support of Investors Bancorp’s balance sheet as well as its strong team of banking professionals in these perilous times. The merger will reinforce the efforts begun by Gold Coast Bank over a decade ago. Our customers will continue to be in safe hands with the many tools available with Investors Bancorp allowing for continued excellent service to all of our customers,” John Tsunis, chairman and CEO of Gold Coast Bancorp, said.