Investors Bancorp, the holding company for Investors Bank headquartered in Short Hills, completed a $2.2 billion public stock offering Wednesday to become a 100 percent publicly owned company.
President and CEO Kevin Cummings — who transformed the small community bank into a publicly traded entity triple in size — ranked No. 45 in this year’s NJBIZ Power 100.
“We are pleased to have completed this historic transaction culminating many years of hard work and dedication on the part of the Investors team,” Cummings said in a press release Thursday. “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 look forward to continued success as we execute on our plan to leverage this new capital and expand our franchise.”
The Bank’s new capital resource will serve to broaden commercial lending in new business sectors, enhance IT infrastructure and capabilities, accelerate growth through acquisitions, fortify risk management systems and increase resources to comply with future banking regulations.
Thursday’s press release stated that “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.”
Investors Bank was also highly ranked in the NJBIZ Book of Lists this year; the company ranked No. 2 for Savings Banks and Associations; No. 26 for Best Places to Work in N.J.; and No. 47 out of the 50 Fastest Growing Companies in N.J.
Click here to see the NJBIZ Book of Lists.
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