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Investors Bancorp Actively Looking to Buy More Community Banks

7/31/15 3:53 PM EDT
Investors Bancorp (ISBC), which reported record quarterly earnings, is eagerly looking for opportunities to acquire other community banks. ‘We did an IPO last year and raised $2.2-billion. We have the capital to expand, and we’re very much involved in M&A’ said CEO Kevin Cummings. ‘Every bank that’s for sale, the investment bankers are calling us.’ Investors Bancorp has completed eight acquisitions since 2008, acquiring $4.5 billion in new deposits. Cummings said M&A is a big part of its growth plans for the future, but he isn’t interested in expanding too far beyond the bank’s New Jersey base. ‘We would look at Philadelphia, Easton, (Pennsylvania),Long Island, and possibly Westchester County.’ Cummings said the banking company reported record earnings due to growth in commercial loans portfolio, which now tops $10 billion. ‘The economy is firming up, the opportunities are there, we’ve expanded our geography into South Jersey and also into Manhattan and the five borough,’ said Cummings. ‘And these opportunities are very strong. People are looking to expand, and things are looking good in the commercial lending sector.’
Stocks in this video: ISBC
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