Investment Banking - New Investors Bancorp, Inc

Transactions | Banking

Client: New Investors Bancorp, Inc
Industry: Banking
Transaction Type: Common Stock Offering
Role: Co-Manager

  • 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.