Benzinga | Aug 2, 2021 04:36PM EDT

FDIC Approves Investors Bank's Acquisition of 8 Berkshire Bank Branches in New Jersey and Eastern Pennsylvania

Investors Bancorp, Inc. (NASDAQ:ISBC) ("Investors Bancorp"), the parent company of Investors Bank, announced today that the Federal Deposit Insurance Corporation has approved Investors Bank's acquisition of the eight New Jersey and eastern Pennsylvania branches of Berkshire Bank, the wholly-owned subsidiary of Berkshire Hills Bancorp, Inc. (NYSE:BHLB).

The acquisition is expected to be completed on August 27, 2021, subject to the satisfaction of a number of customary closing conditions set forth in the definitive purchase and assumption agreement dated as of December 2, 2020 between Investors Bank and Berkshire Bank. With receipt of the FDIC approval, all required regulatory approvals for the transaction have been received by Investors Bank. The transaction includes the assumption and acquisition of approximately $633 million of deposits and $253 million of consumer and commercial loans, together with the related operations.