Investors Bancorp Inc.’s latest acquisition, of Gateway Community Financial Corp., the mid-tier holding company for GCF Bank, was a “very financially compelling transaction,” Investors’ CEO said Monday.
“It’s a small transaction, but a very financially compelling transaction,” said Kevin Cummings, CEO of Investors Bancorp, the holding company for Investors Bank, which operates more than 100 branches in New Jersey and New York.
Investors, in the Short Hills section of Millburn, announced the deal Friday. Executives at Investors Bank were unsure Monday if the acquisition will result in layoffs for GCF employees.
GCF Bank operates four branches in Gloucester County, and has assets of $310 million, deposits of $278.6 million and net worth of $24.6 million. Financial terms of the merger were not disclosed.
This acquisition follows a December announcement that Investors would acquire the Robbinsville-based Roma Financial Corp. for $452 million in stock. Roma has 26 branch locations, most of which are located in Mercer and Burlington counties.
“This complements our Roma transaction, giving us 30 branches from Mercer County south to the Philadelphia suburbs,” Cummings said. “This will give us the largest deposit franchise for banks headquartered in New Jersey.”
The anticipated closing date for the Roma Bank acquisition is May 31. The GCF deal is expected to close in late August or early September. Fifty seven Roma Bank employees will lose their jobs as a result of the merger.
The first Investors Bank opened in 1926 in Millburn. GCF can trace its roots back to 1903 as the former Pitman Savings and Loan Association. It later was known as Gloucester County Federal Savings Bank, and in 2007 shortened to GCF Bank after expanding beyond its Gloucester County roots.
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