SHORT HILLS, N.J., March 14, 2014 /PRNewswire/ -- Investors Bancorp, Inc. (the "Company") (Nasdaq:ISBC), an existing Delaware corporation, and New Investors Bancorp, Inc., ("New Investors Bancorp"), the proposed holding company for Investors Bank, announced today that the registration statement relating to the sale of common stock of New Investors Bancorp has been declared effective by the Securities and Exchange Commission. The Company anticipates that on or before March 21, 2014, offering materials will be mailed to depositors and certain former depositors eligible to purchase shares in the subscription offering, and proxy solicitation materials will be mailed to depositors and stockholders. The subscription offering will expire at 2:00 p.m., Eastern Time, on April 11, 2014. Shares not sold in the subscription offering will be sold in a firm commitment underwritten offering.
New Investors Bancorp is offering for sale between 170,000,000 and 264,500,000 shares of common stock at $10.00 per share, representing the majority ownership interest in the Company currently owned by Investors Bancorp, MHC. The number of shares in the offering is based on an independent appraisal of the estimated pro forma market value of Investors Bancorp as of March 3, 2014.
At the conclusion of the conversion and offering, the existing shares of common stock held by the public stockholders of the Company will be exchanged for between 1.9733 and 3.0702 shares of New Investors Bancorp common stock, depending on the number of shares sold in the offering. After the completion of the conversion and offering, New Investors Bancorp will be 100% owned by public stockholders, and Investors Bancorp, MHC will cease to exist.
The completion of the conversion and offering is subject to, among other things, selling a minimum of 170,000,000 shares in the offering, the approval of the depositors of Investors Bank, and the approval of the stockholders of the Company.