It is anticipated that RomAsia Bank, a subsidiary that is 91% owned by Roma Financial, will merge into Investors Bank.
Kevin Cummings, President and Chief Executive Officer of Investors Bank, stated that, "We are pleased to enter into this partnership with Roma Bank. The Roma Bank branch network complements our presence in Central and Southern New Jersey and provides a strong foothold in the greater Philadelphia market. Roma Bank's customers can look forward to an enhanced array of products and services delivered with the same high level of service Roma Bank provides."
Mr. Cummings also commented on the merging of two mutual holding companies, "We are excited about the uniqueness of this transaction and this combination of two mutual holding companies. We believe it will enhance the value of a potential second step conversion by Investors Bancorp."
Peter A. Inverso, President and Chief Executive Officer of Roma Financial Corporation, commented, "Investors is a well-managed, community-oriented institution which, like Roma Bank, distinguishes itself with its focus on customer service. The breadth of Investors' product offerings will allow us to maintain, expand and enhance services and products for our customers."Michele Siekerka, Chair of the Board of Directors of Roma Financial, added: "We are all very pleased to be joining with Investors. This transaction opens up many new opportunities for our shareholders, our community, our employees and our customers." Investors Bancorp was advised in this transaction by, Stifel Nicolaus Weisel and received a fairness opinion from RBC Capital Markets, LLC. Luse, Gorman, Pomerenk & Schick, P.C. acted as legal counsel to Investors Bancorp. Sandler O'Neill + Partners, L.P. acted as financial advisor to Roma Financial Corporation and Spidi & Fisch, P.C. acted as its legal counsel.