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UPDATE 1-Citizens Financial to buy Investors Bancorp in $3.5 bln deal

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(Adds deal details, background)

July 28 (Reuters) - Citizens Financial Group Inc said on Wednesday it will buy New Jersey-based bank holding company Investors Bancorp Inc in a cash-and-stock deal valued at $3.5 billion.

Investors Bancorp shareholders will get $1.46 in cash and 0.297 of Citizens' stock for each share held, according to the terms of the deal. Based on the last closing price, the deal represents a premium of over 12% for Investors Bancorp shareholders.

The banking sector has seen a number of mergers in recent years, with the value of M&A among commercial, savings and investment banks reaching $54.66 billion by November 2020, the highest since 2009, according to data from Dealogic.

Earlier this month, Reuters reported President Joe Biden's planned executive order to promote greater U.S. competition would target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals.

After the deal closes, Investors Bancorp Chief Executive Officer Kevin Cummings will join the board of Citizens Financial, the companies said. (Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)