SHORT HILLS, N.J., Jan. 6, 2012 /PRNewswire/ -- Investors Bancorp,
Inc. (NASDAQ: ISBC) and Brooklyn Federal Bancorp, Inc. (NASDAQ:
BFSB) announced the completion of Investors Bancorp, Inc.'s
acquisition of Brooklyn Federal Bancorp, Inc.
As previously disclosed, Investors Bancorp, Inc. entered into a
separate agreement with a real estate investment fund to sell most
of Brooklyn Federal Bancorp, Inc.'s commercial real estate loan
portfolio. Investors Bancorp, Inc. intends to complete this sale on
Monday, January 9, 2012.
"Investors Bancorp's acquisition of Brooklyn Federal Bancorp
adds five branches to our branch network and approximately
$390 million of deposits which
complements our expansion into New
York," said Kevin Cummings,
President and CEO of Investors Bancorp, Inc. "We are
committed to providing Brooklyn Federal's customers with the same
high level of service to which they have become accustomed."
About Investors Bancorp, Inc.
Investors Bancorp, Inc. is the holding company for Investors
Bank, which operates from its corporate headquarters in
Short Hills, New Jersey, and as of
December 31, 2011 had eighty
one branch offices located throughout New Jersey and New
York.
Forward Looking Statements
Certain statements contained herein are "forward looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms.
Forward looking statements are subject to numerous risks, as
described in our SEC filings, and uncertainties, including, but not
limited to, those related to the real estate and economic
environment, particularly in the market areas in which the Company
operates, competitive products and pricing, fiscal and monetary
policies of the U.S. Government, changes in government regulations
affecting financial institutions, including regulatory fees and
capital requirements, changes in prevailing interest rates,
acquisitions and the integration of acquired businesses, credit
risk management, asset-liability management, the financial and
securities markets and the availability of and costs associated
with sources of liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers
that the factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current
statements. The Company does not undertake and specifically
declines any obligation to publicly release the results of any
revisions, which may be made to any forward looking statements to
reflect events or circumstances after the date of such statements
or to reflect the occurrence of anticipated or unanticipated
events.
SOURCE Investors Bancorp, Inc.