Investors Bancorp Inc., parent of Investors Bank, is looking at a possible sale and has hired deal adviser Keefe, Bruyette & Woods Inc., which could start reaching out to potential buyers soon, according to a published report.
The Short Hills-based regional bank, which has about 150 branches in New Jersey and New York, is in the early stages of exploring a sale and there is no guarantee it will move forward with one, the Wall Street Journal reported late Tuesday. The lender had a market value of about $3.3 billion as of Tuesday morning, the Journal said.
Investors is still bound by an agreement with regulators to improve its anti-money-laundering controls, which often holds up deals, according to the report. On its third quarter earnings call, the bank’s CEO Kevin Cummings said he was “cautiously optimistic” the order could be lifted soon.
The bank’s stock had fallen 18 percent so far this year as of Tuesday morning to below where it was the day of the 2016 presidential election. After the Journal broke the news it was seeking a potential sale, its stock shot up 9.9 percent.