SHORT HILLS, N.J., May 7, 2014 /PRNewswire/ -- Investors Bancorp, Inc. (the "Company") (Nasdaq: ISBC), an existing Delaware corporation, and New Investors Bancorp, Inc. ("New Investors Bancorp"), the proposed holding company for Investors Bank, today announced the completion of its conversion from the mutual holding company structure and related public offering. Investors Bank is now 100% owned by New Investors Bancorp and New Investors Bancorp is 100% owned by public stockholders. New Investors Bancorp sold a total of 219,580,695 shares of common stock at a purchase price of $10.00 per share in the offering. In connection with the completion of the conversion and stock offering, New Investors Bancorp changed its corporate name to Investors Bancorp, Inc.
Commenting on the second step conversion and stock offering, Kevin Cummings, President and CEO, said "We are pleased to have completed this historic transaction culminating many years of hard work and dedication on the part of the Investors team. We have worked diligently to enhance shareholders' value and are committed to being the premier community bank serving the greater New York/New Jersey markets. We thank all of our customers, employees and shareholders for their support and look forward to continued success as we execute on our plan to leverage this new capital and expand our franchise."
Concurrent with the completion of the conversion and stock offering, each share of Company common stock owned by public stockholders was exchanged for 2.5500 shares of New Investors Bancorp common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. As a result of the offering, the exchange and the automatic vesting of outstanding stock awards, the New Investors Bancorp will have approximately 358,201,777 shares outstanding and a market capitalization of approximately $3.58 billion.
The shares of common stock sold in the offering and issued in the exchange will begin trading on the NASDAQ Global Select Market on May 8, 2014 under the symbol "ISBC", CUSIP # 46146L101. Statements reflecting ownership of shares of common stock purchased in the subscription and resolicitation offerings are expected to be mailed to subscribers on or about May 9, 2014.
Current owners of the Company's stock holding shares in street name or in book-entry form will receive shares of New Investors Bancorp in their accounts. Current owners of the Company's stock holding shares in certificate form will be mailed a letter of transmittal following the closing of the transaction and will receive ownership statements reflecting their shares of New Investors Bancorp common stock and cash in lieu of fractional shares after returning their stock certificates and a properly completed letter of transmittal to New Investors Bancorp's transfer agent. In connection with the transaction, vesting of previously issued stock awards will accelerate. RBC Capital Markets and Keefe, Bruyette & Woods have waived the provisions of the lock-up agreements with certain executive officers with respect to the withholding for tax purposes of shares subject to such awards.
Keefe, Bruyette & Woods acted as selling agent for the subscription portion of the offering. RBC Capital Markets, Keefe, Bruyette & Woods and Sandler O'Neill & Partners, L.P. acted as joint book-running managers for the firm commitment underwritten offering. Barclays, Deutsche Bank Securities, and J.P. Morgan acted as joint lead managers, and Sterne Agee and Boenning & Scattergood, Inc. acted as co-managers for the firm commitment underwritten offering.
Luse Gorman Pomerenk & Schick, P.C. served as legal counsel to the Company and New Investors Bancorp. Silver, Freedman, Taff & Tiernan LLP served as legal counsel to the Underwriters. RP Financial, LC., Arlington, Virginia served as independent appraiser for the conversion and offering.
About the Company
Investors Bancorp, Inc. is the holding company for Investors Bank, which operates from its corporate headquarters in Short Hills, New Jersey and over 129 offices located throughout New Jersey and New York. Investors Bank's deposits are insured by the Federal Deposit Insurance Corporation. Investors may obtain additional information about Investors Bancorp and Investors Bank on the internet at www.myinvestorsbank.com under About Us.
A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer will be made only by means of the written prospectus, and any related prospectus supplement, forming part of the registration statement.
The shares of common stock are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Contact: Domenick Cama
SOURCE Investors Bancorp, Inc.