Investors Bancorp To Commence Stock Offering

(RTTNews) - Investors Bancorp Inc (ISBC) and New Investors Bancorp Inc, the proposed holding company for Investors Bank, said Friday that the registration statement relating to the sale of common stock of New Investors Bancorp has been declared effective by the Securities and Exchange Commission.

New Investors Bancorp is offering for sale between 170 million and 264.5 million shares of common stock at $10.00 per share, representing the majority ownership interest in the company currently owned by Investors Bancorp, MHC.

At the conclusion of the conversion and offering, the existing shares of common stock held by the public stockholders of the company will be exchanged for between 1.9733 and 3.0702 shares of New Investors Bancorp common stock, depending on the number of shares sold in the offering.

After the completion of the conversion and offering, New Investors Bancorp will be 100% owned by public stockholders, and Investors Bancorp, MHC will cease to exist.

The completion of the conversion and offering is subject to, among other things, selling a minimum of 170 million shares in the offering, the approval of the depositors of Investors Bank, and the approval of the stockholders of the company.