This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Investors Bancorp And Gateway Community Announce Merger Agreement

SHORT HILLS, N.J., April 5, 2013 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) ("Company"), the holding company for Investors Bank, and Gateway Community Financial Corporation ("Gateway"), the mid-tier holding company for GCF Bank, today jointly announced the signing of a definitive merger agreement. GCF Bank operates 4 branches in Gloucester County, New Jersey, and as of December 31, 2012 had assets of $309.8 million, deposits of $278.6 million and net worth of $24.6 million.

Under the terms of the merger agreement, Gateway Community Financial MHC will merge into Investors Bancorp, MHC ("Investors MHC"), with Investors MHC the surviving entity, to be followed by the merger of Gateway Community Financial Corporation into Investors Bancorp, Inc., with Investors Bancorp, Inc. the surviving entity, and the merger of GCF Bank into Investors Bank, with Investors Bank the surviving entity.  As Gateway Community Financial has no public shareholders, no merger consideration will be paid to third parties.  Investors Bancorp, Inc. will issue shares of its common stock to Investors MHC as consideration for the transaction.  The number of shares to be issued will be based on the pro forma market valuation of Gateway as determined by an independent appraisal.  Depositors of GCF Bank will become depositors of Investors Bank, and will have the same rights and privileges in Investors MHC as if their accounts had been established in Investors Bank on the date established at GCF Bank.  The merger has been approved by each company's board of directors and is anticipated to close in the third quarter of 2013, subject to regulatory approvals and other customary closing conditions.  

Kevin Cummings, President and Chief Executive Officer of Investors Bank, stated that, "We are excited about this acquisition of another mutual holding company.  Along with our anticipated merger of Roma Financial MHC, this acquisition enhances our footprint in the Southern New Jersey and greater Philadelphia markets.  Investors will create an advisory board to strengthen our commitment to the local community."

John S. Gligor Sr., Chairman of the Board of Directors of Gateway Community Financial, added: "We are pleased to join Investors and look forward to the opportunities this combination will provide to our customers and the communities we serve."  

Investors Bancorp was advised in this transaction by, Keefe, Bruyette & Woods, A Stifel Company.  Luse, Gorman, Pomerenk & Schick, P.C. acted as legal counsel to Investors Bancorp.  Sandler O'Neill + Partners, L.P. acted as financial advisor to Gateway Community Financial Corporation and Stevens & Lee acted as its legal counsel.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,097.62 +62.69 0.35%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs