Investors Bank will Soon be Called Citizens Bank

Investors Bank will soon be called Citizens Bank, following an acquisition.

Citizens Financial Group, Inc. today announced the closing of its previously announced acquisition of Investors Bancorp, Inc. (Investors).

“The acquisition of Investors, along with the recently completed acquisition of HSBC’s East Coast branches and national online deposit business, enhances Citizens’ banking franchise, adding an attractive middle market/small business and consumer customer base,” Citizens said. “These acquisitions significantly build on Citizens’ physical presence in the Northeast with the addition of more than 200 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. The combined Citizens franchise operates across some of the most attractive retail and commercial banking markets in the United States characterized by large and dense population centers, areas of high-income households and centers of robust business activity.”

“With the acquisitions of Investors and HSBC’s East Coast branches now complete, we look forward to bringing our new customers the full range of Citizens capabilities and building a formidable business in the important New York City metro region and New Jersey markets,” said Bruce Van Saun, Citizens Chairman and Chief Executive Officer. “We are pleased to welcome more than 1,600 Investors colleagues to the Citizens family. Together we will drive future growth and deliver long-term value for all our stakeholders.”

Investors has been merged with Citizens, with Citizens as the surviving corporation. In addition, Investors Bank, a New Jersey state-chartered bank and wholly-owned subsidiary of Investors, has been merged with Citizens Bank, National Association, (“CBNA”), with CBNA as the surviving bank.

Kevin Cummings, the former Chairman and Chief Executive Officer of Investors, and Michele N. Siekerka, who previously served on the board of directors of Investors, have been appointed to Citizens’ board of directors. Mr. Cummings and Ms. Siekerka have also been appointed to CBNA’s board of directors.

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  1. When asked about the advantages of assuming the new name “Citizen’s Bank”, one bank official stated, “Well, the obvious advantage is that, now, with the name change, when a bank robbery is in process, any citizen who is inside the bank at the time of the robbery, can now take matters into his own hands and make a citizen’s arrest. And that’s clearly an advantage we didn’t have prior to the name change.”

    • From Google search:
      “What is an Alien Bank?”
      “Alien Bank means a bank organized under the laws of a foreign country and having it’s principle place of business in that country, the majority of the beneficial ownership and control of which is is vested in citizens of countries other than the USA,”
      I don’t think this answers your question, or whether it was even intended to answer your question, but it’s a good starting point, or is it? Moreover, if the owners of citizen’s Bank are aliens in the USA, but citizens somewhere else, why can’t they call their bank “Citizen’s Bank”?
      In case you are scratching your head wondering what’s the point of my comment, you can stop scratching your head; this is what some people would refer to as “utter boredom and insanity”.

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