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Investors Bancorp Inc. Message Board

  • samperiod samperiod Jun 11, 2008 3:45 PM Flag

    Acquired Summit

    Was Summit a mutual? If it was, then how could ISBC acquire a mutual?
    ...........................
    nvestors Bancorp, Inc. and Summit Federal Bankshares, Inc. Complete Merger
    Wednesday June 11, 2:45 pm ET

    SHORT HILLS, N.J., June 11 /PRNewswire-FirstCall/ -- Investors Bancorp, Inc. (Nasdaq: ISBC - News), the holding company for Investors Savings Bank, announced that it has completed its acquisition of Summit Federal Bankshares, Inc., the federally-chartered holding company for Summit Federal Savings Bank. As previously disclosed the acquisition was accounted for as a pooling of interests. As of March 31, 2008, Summit Federal operated five branches in Union, Middlesex, Hunterdon and Warren counties, New Jersey, and had assets of $112.2 million, deposits of $95.8 million and equity of $15.2 million. Each Summit Federal branch office has become a branch office of Investors Savings Bank.
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    Investors Bancorp, Inc. operates from its corporate headquarters in Short Hills, New Jersey and, with the addition of Summit Federal, through fifty-two Investors Savings Bank branch offices located in Essex, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Somerset, Union and Warren Counties, New Jersey. In connection with the acquisition, Investors Bancorp, Inc. issued 1,744,592 additional shares of its common stock to Investors Bancorp, MHC ("Investors MHC"), based on the pro forma market value of $25.0 million for Summit Federal and the average closing price of a share of Investors Bancorp, Inc. common stock, as reported on the NASDAQ Stock Market, for twenty (20) consecutive trading days ending on June 4th. Richard Petroski, Chairman of the Board of Summit Federal and its holding companies, has been appointed to the board of directors of Investors Savings Bank and its holding companies. William V. Cosgrove, the President and Chief Executive Officer of Summit Federal, has been appointed a Senior Vice President of Investors Savings Bank.

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ISBC
10.46+0.02(+0.19%)Sep 19 4:15 PMEDT

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