Investors Bancorp has signed into a separate agreement with a real estate investment fund to sell most of Brooklyn Federal Bancorp’s and intends to complete this sale by 9 January 2012.
Investors Bancorp president and CEO Kevin Cummings said that the acquisition with Brooklyn Federal Bancorp adds five branches to their branch network and nearly $390m of deposits, complementing its expansion into New York.
"We are committed to providing Brooklyn Federal’s customers with the same high level of service to which they have become accustomed," Cummings added.
Investors Bancorp, headquarters at Short Hills, New Jersey had 81 branch offices located throughout New Jersey and New York as of 31 December 2011.
Brooklyn Federal Bancorp, a subsidiary of BFS Bancorp, was founded in 1887 and is headquartered at Brooklyn, New York.
