Investors Bancorp acquires American Bancorp in cash-and-stock deal

By Lisa Kerner

Charlotte, N.C., June 2 - Investors Bancorp, Inc. said it completed its acquisition of American Bancorp of New Jersey, Inc. effective May 31.

The combined company has $8 billion in assets, $5.3 billion in deposits and 58 branches in northern and central New Jersey, an Investors Bancorp news release said.

American Bancorp shareholders could elect to receive either 0.9218 Investors Bancorp shares, $12.50 in cash or a combination of stock and cash for each American Bancorp share, subject to proration, under the companies' amended merger agreement.

The merger agreement called for 65% of American Bancorp common stock to be converted into Investors Bancorp common stock and the remaining 35% to be converted into cash.

Investors Bancorp, located in Short Hills, N.J., is the holding company for Investors Savings Bank, a New Jersey chartered savings bank.

American Bancorp is the holding company for American Bank of New Jersey, a federally chartered stock savings bank based in Bloomfield, N.J.

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