Investors Bancorp acquires New York-based Gold Coast Bancorp for $63.6m
Investors Bancorp, the parent company of Investors Bank, has wrapped up its previously announced stock cum cash acquisition worth $63.6 million of New York-based Gold Coast Bancorp, the parent company of Gold Coast Bank.
Announced in July 2019 the acquisition was taken up by the New Jersey-based Investors Bancorp to expand its Long Island franchise.
As of the end of 2019, Gold Coast Bank, which is a New York State-chartered bank, had nearly $559.8 million in assets, total loans of $467.4 million, and $465.0 million in deposits. Founded in 2008, Gold Coast Bank apart from its headquarters in Islandia, has additional branches across Huntington, Setauket, Farmingdale, Brooklyn, Mineola, and Southampton.
Commenting on Investors Bancorp acquisition of Gold Coast Bancorp, John Tsunis – chairman and CEO of Gold Coast Bancorp said: “We appreciate the support of Investors Bancorp’s balance sheet as well as its strong team of banking professionals in these perilous times. The merger will reinforce the efforts begun by Gold Coast Bank over a decade ago. Our customers will continue to be in safe hands with the many tools available with Investors Bancorp allowing for continued excellent service to all of our customers.”
Investors Bancorp acquisition of Gold Coast Bancorp. Image courtesy of Gerd Altmann from Pixabay.
Following the close of the merger, Investors Bank, which was founded in 1926, has 154 branches located across the states of New Jersey and New York. It has expanded the Investors Bank franchise by six branches located across Nassau and Suffolk counties in suburban Long Island alongside one branch in Brooklyn.
Kevin Cummings – Investors Bancorp Chairman and CEO, commenting on the Investors Bancorp, Gold Coast Bancorp merger said: “We are pleased to have completed the merger and we welcome the shareholders, customers and employees of Gold Coast Bank to our Investors Bank family. We look forward to delivering our exceptional banking services to our newest customers.
“The completion of this merger strengthens and deepens our presence in the suburban Long Island market.”