Investors Bank, Citizens Financial Group receive regulatory approval for acquisition

The federal government approved the previously announced acquisition of Investors Bancorp by Citizens Financial Group earlier this week, and expect the transaction to close by mid-April.

The two banks agreed to the $3.5 billion cash-and-stock deal in July.

The acquisition of Investors follows Citizen’s purchase of HSBC’s East Coast branches, and brings the bank into the New Jersey and New York City metro 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 CEO of Investors.

Upon closing of the transaction, Cummings and Michele 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.