Investors Bank Announces Workforce Reduction and Branch Closures

|About: Investors Bancorp, Inc. (ISBC)|By:, SA News Editor

Investors Bancorp (NASDAQ:ISBC) plans to reduce operating expenses by reducing workforce by ~5% by the year end and closing of six branch offices by the first week of March 2018.

The company estimates $12M - $14M reduction in annual operating expenses and expects to recognize non-recurring pre-tax expenses of ~$5M in 4Q17.

Press Release