Investors Bancorp, Inc. To Acquire Brooklyn Federal Bancorp, Inc.
SHORT HILLS, N.J., Aug. 17, 2011 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) and Brooklyn Federal Bancorp, Inc. (NASDAQ: BFSB) announced the signing of a definitive merger agreement under which Investors Bancorp, Inc. will acquire Brooklyn Federal Bancorp, Inc. for $0.80 per share or approximately $10.3 million in the aggregate. In addition, Investors Bancorp, Inc. entered into a separate agreement with a real estate investment fund to sell most of Brooklyn Federal Bancorp, Inc.'s commercial real estate loan portfolio immediately following the completion of the merger transactions discussed below.
The terms of the merger agreement specify that Brooklyn Federal Bancorp, Inc., BFS Bancorp, MHC and Brooklyn Federal Savings Bank, will merge with and into Investors Bancorp, Inc., Investors Bancorp, MHC and Investors Savings Bank, respectively. After the mergers, Brooklyn Federal Bancorp, Inc.'s shareholders, other than BFS Bancorp, MHC, will receive $0.80 in cash for each common share they held before the mergers resulting in a total cash payment of $2.9 million. Shares of such stock held by BFS Bancorp, MHC will be converted into common shares of Investors Bancorp, Inc. Depositors of Brooklyn Federal Savings Bank will become depositors of Investors Savings Bank, and will have the same rights and privileges in Investors Savings Bank, as if their accounts had been established in Investors Savings Bank on the date established at Brooklyn Federal Savings Bank.
The mergers have been approved by the boards of directors of each company and are expected to close in the fourth quarter of 2011, subject to customary closing conditions including regulatory approvals and approval by Brooklyn Federal Bancorp, Inc.'s shareholders and Brooklyn Bancorp, MHC's members, as may be necessary under applicable regulatory guidance. Neither Investors Bancorp, Inc.'s shareholders, nor Investors Bancorp, MHC's depositors are required to approve the mergers.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV