Investment Banking - New Investors Bancorp, Inc
Transactions | Banking
Client: New Investors Bancorp, Inc
Transaction Type: Common Stock Offering
- New Investors Bancorp, Inc. (NASDAQ:ISBC) is the newly formed holding company for Investors Bank. Prior to the offering, Investors Bancorp, Inc. (“Old Investors Bancorp”) was structured as a two-tier mutual holding company following its “first-step” conversion in 2005.
- Upon completion of the “second-step” conversion, the mutual holding company will cease to exist and the bank will reorganize as a fully public stock holding company.
- As of March 31, 2014, the company had $16.1 billion in assets and $13.4 billion in net loans. The bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers throughout New Jersey and the New York City and Philadelphia metropolitan areas.
- In conjunction with the underwritten offering of $855.7 million, ISBC issued 134,005,805 shares of common stock in a subscription offering for a gross issuance and proceeds of 219,580,695 shares at $2.2 billion.
- Current shareholders of Old Investors Bancorp will have their shares exchanged at a 2.55:1 exchange ratio in ISBC. Pro Forma for the offering, the company will have a market capitalization of approximately $3.6 billion.
- Boenning acted as a co-manager in connection with the underwritten offering.