Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

NY Bank Deal This Week

|About: Investors Bancorp, Inc. (ISBC), GLDT

ISBC buying GLDT for a 17% pop today.

Which NY bank is next.

They paid 1.35 times book.

Upgrade Wells Fargo: Market Perform to Outperform 2/1/2019
Upgrade PiperJaffray: Neutral to Overweight 2/1/2019

Company Profile

101 JFK ParkwayShort Hills, NJ 07078United States973-924-5100Investors Bank | NY Bank | NJ Bank | Personal & Commercial Banking

Sector: Financial ServicesIndustry: Savings & Cooperative BanksFull Time Employees: 1,903

Investors Bancorp, Inc. operates as the bank holding company for Investors Bank that provides various banking products and services to individuals and businesses in the United States. Its deposit products include savings, checking, and money market accounts, as well as certificates of deposit accounts. The company's loan portfolio comprises multi-family, commercial real estate, commercial and industrial, and construction loans; one-to four-family residential mortgage loans secured by one-to four-family residential real estate; and consumer and other loans primarily consisting of home equity loans, home equity lines of credit, and cash surrender value lending on life insurance contracts. As of December 31, 2018, it operated through a network of 151 branches in New Jersey and New York. Investors Bancorp, Inc. was founded in 1926 and is headquartered in Short Hills, New Jersey.

Yahoo Small Business

© 2019 Verizon Media. All rights reserved.

Data DisclaimerHelpSuggestions

Privacy (Updated)About Our AdsTerms (Updated)Sitemap

Investors Bancorp, Inc. to Acquire Gold Coast Bancorp, Inc., Expanding Its Long Island Franchise

PR NewswireJuly 24, 2019

SHORT HILLS, N.J. and ISLANDIA, N.Y., July 24, 2019 /PRNewswire/ -- Investors Bancorp, Inc. ("Investors") (ISBC) and Gold Coast Bancorp, Inc. ("Gold Coast") (GLDT) today announced the signing of a definitive merger agreement under which Investors will acquire Gold Coast. Consideration will be paid to Gold Coast stockholders in a combination of stock and cash valued at $63.6 million, inclusive of outstanding dilutive securities and based on Investors' closing price of $11.20 on July 23, 2019.

Upon completion of the transaction, Investors will add six branches in Nassau and Suffolk counties in suburban Long Island and a branch in Brooklyn, NY. Founded in 2008, Gold Coast had assets of $563 million, loans of $463 million and deposits of $486 million at March 31, 2019. Under Investors' ownership, Gold Coast customers will have access to an expanded product and services offering, with the strength and enhanced lending capabilities afforded by Investors' larger balance sheet.

"We are pleased to partner with Gold Coast, a commercial bank with deep ties to the Long Island community and a strong track record of growth," said Investors' Chairman and Chief Executive Officer, Kevin Cummings. "This transaction strengthens Investors' current suburban Long Island franchise and deepens our presence in this large, affluent market."