PROVIDENCE, R.I. and SHORT HILLS, N.J., April 4,
2022 /PRNewswire/ -- Citizens Financial Group, Inc.
(NYSE: CFG) ("Citizens") and Investors Bancorp, Inc. (NASDAQ: ISBC)
("Investors") today announce that the expected close date of the
previously announced merger between the two companies is
April 6, 2022, subject to the
satisfaction or waiver of the remaining customary closing
conditions set forth in the merger agreement.
Citizens and Investors previously announced that regulatory
approval for this merger was received from the Board of Governors
of the Federal Reserve System and the Office of the Comptroller of
the Currency.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and
largest financial institutions, with $188.4
billion in assets as of December 31, 2021.
Headquartered in Providence, Rhode
Island, Citizens offers a broad range of retail and
commercial banking products and services to individuals, small
businesses, middle-market companies, large corporations and
institutions. Citizens helps its customers reach their potential by
listening to them and by understanding their needs in order to
offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a 24/7 customer contact center and the convenience
of nearly 3,000 ATMs and more than 1,000 branches in 14 states and
the District of Columbia. Consumer
Banking products and services include a full range of banking,
lending, savings, wealth management and small business offerings.
In Commercial Banking, Citizens offers a broad complement of
financial products and solutions, including lending and leasing,
deposit and treasury management services, foreign exchange,
interest rate and commodity risk management solutions, as well as
loan syndication, corporate finance, merger and acquisition, and
debt and equity capital markets capabilities. More information is
available at www.citizensbank.com or visit us on Twitter,
LinkedIn or Facebook.
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company for Investors
Bank with assets of approximately $28
billion as of December 31,
2021 and operated from its corporate headquarters in
Short Hills, New Jersey and 154
branches located throughout New
Jersey, New York and
Pennsylvania.
Cautionary Statement About Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the financial condition, results of operations, business
plans and future performance of Citizens and Investors. Words such
as "anticipates," "believes," "estimates," "expects," "forecasts,"
"intends," "plans," "projects," "targets," "designed," "could,"
"may," "should," "will" or other similar words and expressions are
intended to identify these forward-looking statements. These
forward-looking statements are based on Citizens' and Investors'
current expectations and assumptions regarding Citizens' and
Investors' businesses, the economy, and other future
conditions.
Because forward-looking statements relate to future results and
occurrences, they are subject to inherent risks, uncertainties,
changes in circumstances and other factors that are difficult to
predict. Many possible events or factors could affect Citizens'
and/or Investors' future financial results and performance and
could cause the actual results, performance or achievements of
Citizens and/or Investors to differ materially from any anticipated
results expressed or implied by such forward-looking statements.
Such risks and uncertainties include, among others, (1) the risk
that the cost savings, any revenue synergies and other anticipated
benefits of the proposed transaction may not be realized or may
take longer than anticipated to be realized, including as a result
of the impact of, or problems arising from, the integration of the
two companies or as a result of the condition of the economy and
competitive factors in areas where Citizens and Investors do
business, (2) disruption to the parties' businesses as a result of
the announcement and pendency of the proposed transaction and
diversion of management's attention from ongoing business
operations and opportunities, (3) the occurrence of any event,
change or other circumstances that could give rise to the right of
one or both of the parties to terminate the definitive merger
agreement between Citizens and Investors, (4) the risk that the
integration of Citizens' and Investors' operations will be
materially delayed or will be more costly or difficult than
expected or that Citizens and Investors are otherwise unable to
successfully integrate their businesses, (5) the outcome of any
legal proceedings that may be instituted against Citizens and/or
Investors, (6) reputational risk and potential adverse reactions of
Citizens' and/or Investors' customers, suppliers, employees or
other business partners, including those resulting from the
announcement or completion of the proposed transaction, (7) the
failure of any of the closing conditions in the definitive merger
agreement to be satisfied on a timely basis or at all, (8) delays
in closing the proposed merger, (9) the possibility that the
proposed merger may be more expensive to complete than anticipated,
including as a result of unexpected factors or events, (10) the
dilution caused by Citizens' issuance of additional shares of its
capital stock in connection with the proposed transaction, (11)
general competitive, economic, political and market conditions,
(12) other factors that may affect future results of Investors
and/or Citizens including changes in asset quality and credit risk,
the inability to sustain revenue and earnings growth, changes in
interest rates and capital markets, inflation, customer borrowing,
repayment, investment and deposit practices, the impact, extent and
timing of technological changes, capital management activities, and
other actions of the Federal Reserve Board and legislative and
regulatory actions and reforms, (13) the impact of the ongoing
global COVID-19 pandemic on Citizens' and/or Investors' businesses,
the ability to complete the proposed transaction and/or any of the
other foregoing risks, and (14) our ability to implement our
business strategy, including the cost savings and efficiency
components, and achieve our financial performance goals, including
through the integration of the HSBC branches.
Except to the extent required by applicable law or regulation,
each of Citizens and Investors disclaims any obligation to update
such factors or to publicly announce the results of any revisions
to any of the forward-looking statements included in this
communication to reflect future events or developments. Further
information regarding Citizens, Investors and factors which could
affect the forward-looking statements contained herein can be found
in Citizens' and Investors' Annual Reports on Form 10-K for the
fiscal year ended December 31, 2021
filed with the Securities and Exchange Commission ("SEC"), and
their other filings with the SEC.
Citizens Media: Peter
Lucht — 781.655.2289
Citizens Investor Relations: Kristin Silberberg — 203.900.6854
Investors Media: Dorian
Hansen — 973.522.3850
View original
content:https://www.prnewswire.com/news-releases/citizens-financial-group-and-investors-bancorp-announce-transaction-close-date-for-merger-301516639.html
SOURCE Investors Bancorp, Inc.
