Investors says FDIC has approved deal for 8 Berkshire branches

Investors Bank — itself being acquired by Citizens Bank — is one step closer to adding eight Berkshire Bank branches to its holdings, after the Federal Deposit Insurance Corp. approved the acquisition, it announced this week.

Investors Bancorp Inc., the bank’s parent company, will pick up the branches in New Jersey and eastern Pennsylvania from Berkshire Hills Bancorp Inc., that bank’s parent. The deal is expected to be completed Aug. 27, pending other customary conditions. (All customary approvals have now been granted.)

The deal for the branches was first announced in December. Investors announced in July that it would be acquired by Citizens Financial Group, parent of Citizens Bank, in a $3.5 billion deal.