Investment Banking - Gold Coast Bancorp, Inc.
Transactions | Banking
Client: Gold Coast Bancorp, Inc.
Transaction Type: Mergers & Acquisitions
Role: Fairness Opinion
Gold Coast Bancorp, Inc Has Announced its Intention to be Acquired by Investors Bancorp, Inc.
Key Deal Points:
- Gold Coast Bancorp, Inc. (OTCPink: GLDT) (“Gold Coast”), the holding company for Gold Coast Bank, is Headquartered in Islandia, NY. Gold Coast Bank is a New York State chartered bank that had assets of $562.6 million, $458.2 million in loans, and $485.9 million in deposits as of March 31, 2019,.
- Investors Bancorp, Inc. (NASDAQ: ISBC) (“Investors”) is the holding company for Investors Bank, which as of June 30, 2019 operates 147 branches located throughout New Jersey and New York from its corporate headquarters in Short Hills, New Jersey. As of June 30, 2019, Investors had assets of $27.1 billion, $21.8 billion in loans, and $17.6 billion in deposits.
- Under the terms of the agreement, 50% of Gold Coast common shares will be converted into Investors common stock while the remaining 50% will be exchanged for cash. Gold Coast shareholders will have the option to elect to receive either 1.422 shares of Investors common stock, or $15.75 in cash for each common share of Gold Coast they own, subject to proration to ensure that in the aggregate, 50% of GLDT shares will be paid in the form of Investors common stock. Post transaction closing, Investors intends to repurchase an equal amount of its shares as is issued in the transaction. The transaction is valued at approximately $63.6 million.
- The transaction is expected to close in the early part of the first quarter of 2020.
- Boenning rendered an independent fairness opinion to Gold Coast.