Prospects will proceed to be served by way of their respective Residents and Buyers branches, web sites and cell functions after shut and till techniques are transformed
PROVIDENCE, R.I. and SHORT HILLS, N.J., March 25, 2022 /PRNewswire/ — Residents Monetary Group, Inc. (NYSE: CFG) (“Residents”) and Buyers Bancorp, Inc. (NASDAQ: ISBC) (“Buyers”) right this moment introduced receipt of regulatory approval from the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Forex to finish the beforehand introduced acquisition of Buyers.
The acquisition is anticipated to shut by mid-April 2022, pending satisfaction of customary closing circumstances. After closing, over the course of 2022, Residents will present Buyers’ clients with complete data regarding the anticipated conversion of their accounts to Residents, focused to be accomplished within the first quarter of 2023. Till conversion, clients will proceed to be served by way of their respective Residents and Buyers branches, web sites and cell functions.
“We’re happy to have acquired regulatory approval to finish the acquisition of Buyers, which carefully follows the acquisition of HSBC’s East Coast branches. The addition of those two companies strengthens our franchise throughout the Northeast, considerably including to our progress potential,” mentioned Bruce Van Saun, Chairman and Chief Government Officer of Residents. “We now have been rigorously planning for a profitable integration to make sure that we proceed to supply glorious customer support whereas making a robust entrance into the New York Metropolis metro and New Jersey areas.”
“We’re excited concerning the deliberate merger with Residents. Our clients, colleagues, communities and stockholders will profit from Residents’ scale, capabilities and dedication to excellence,” mentioned Kevin Cummings, Chairman and Chief Government Officer of Buyers.
Key members of Buyers’ administration staff are anticipated to hitch Residents, making certain enterprise and consumer continuity. Upon closing of the transaction, Mr. Cummings and Michele N. Siekerka, who at the moment serve on the board of administrators of Buyers, are anticipated to hitch Residents’ board of administrators. Domenick Cama, Buyers’ President and Chief Working Officer, will be part of Residents because the New York Metropolis and New Jersey Market President and Co-Head of Integration.
About Residents Monetary Group, Inc.
Residents Monetary Group, Inc. is among the nation’s oldest and largest monetary establishments, with $188.4 billion in belongings as of December 31, 2021. Headquartered in Windfall, Rhode Island, Residents provides a broad vary of retail and industrial banking services and products to people, small companies, middle-market firms, giant companies and establishments. Residents helps its clients attain their potential by listening to them and by understanding their wants as a way to provide tailor-made recommendation, concepts and options. In Shopper Banking, Residents gives an built-in expertise that features cell and on-line banking, a 24/7 buyer contact middle and the comfort of practically 3,000 ATMs and greater than 1,000 branches in 14 states and the District of Columbia. Shopper Banking services and products embody a full vary of banking, lending, financial savings, wealth administration and small enterprise choices. In Business Banking, Residents provides a broad complement of monetary merchandise and options, together with lending and leasing, deposit and treasury administration providers, international trade, rate of interest and commodity threat administration options, in addition to mortgage syndication, company finance, merger and acquisition, and debt and fairness capital markets capabilities. Extra data is on the market at www.citizensbank.com or go to us on Twitter, LinkedIn or Fb.
About Buyers Bancorp, Inc.
Buyers Bancorp, Inc. is the holding firm for Buyers Financial institution with belongings of roughly $28 billion as of December 31, 2021 and operated from its company headquarters in Brief Hills, New Jersey and 154 branches situated all through New Jersey, New York and Pennsylvania.
Cautionary Assertion About Ahead-Wanting Statements
This communication comprises “forward-looking statements” throughout the which means of the Non-public Securities Litigation Reform Act of 1995 concerning the monetary situation, outcomes of operations, enterprise plans and future efficiency of Residents and Buyers. Phrases akin to “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “tasks,” “targets,” “designed,” “may,” “could,” “ought to,” “will” or different related phrases and expressions are meant to establish these forward-looking statements. These forward-looking statements are primarily based on Residents’ and Buyers’ present expectations and assumptions concerning Residents’ and Buyers’ companies, the financial system, and different future circumstances.
As a result of forward-looking statements relate to future outcomes and occurrences, they’re topic to inherent dangers, uncertainties, modifications in circumstances and different components which are troublesome to foretell. Many doable occasions or components may have an effect on Residents’ and/or Buyers’ future monetary outcomes and efficiency and will trigger the precise outcomes, efficiency or achievements of Residents and/or Buyers to vary materially from any anticipated outcomes expressed or implied by such forward-looking statements. Such dangers and uncertainties embody, amongst others, (1) the chance that the fee financial savings, any income synergies and different anticipated advantages of the proposed transaction is probably not realized or could take longer than anticipated to be realized, together with on account of the affect of, or issues arising from, the mixing of the 2 firms or on account of the situation of the financial system and aggressive components in areas the place Residents and Buyers do enterprise, (2) disruption to the events’ companies on account of the announcement and pendency of the proposed transaction and diversion of administration’s consideration from ongoing enterprise operations and alternatives, (3) the prevalence of any occasion, change or different circumstances that might give rise to the suitable of 1 or each of the events to terminate the definitive merger settlement between Residents and Buyers, (4) the chance that the mixing of Residents’ and Buyers’ operations can be materially delayed or can be extra pricey or troublesome than anticipated or that Residents and Buyers are in any other case unable to efficiently combine their companies, (5) the result of any authorized proceedings which may be instituted in opposition to Residents and/or Buyers, (6) reputational threat and potential hostile reactions of Residents’ and/or Buyers’ clients, suppliers, workers or different enterprise companions, together with these ensuing from the announcement or completion of the proposed transaction, (7) the failure of any of the closing circumstances within the definitive merger settlement to be glad on a well timed foundation or in any respect, (8) delays in closing the proposed merger, (9) the chance that the proposed merger could also be costlier to finish than anticipated, together with on account of surprising components or occasions, (10) the dilution brought on by Residents’ issuance of further shares of its capital inventory in reference to the proposed transaction, (11) basic aggressive, financial, political and market circumstances, (12) different components which will have an effect on future outcomes of Buyers and/or Residents together with modifications in asset high quality and credit score threat, the shortcoming to maintain income and earnings progress, modifications in rates of interest and capital markets, inflation, buyer borrowing, reimbursement, funding and deposit practices, the affect, extent and timing of technological modifications, capital administration actions, and different actions of the Federal Reserve Board and legislative and regulatory actions and reforms, (13) the affect of the continued world COVID-19 pandemic on Residents’ and/or Buyers’ companies, the flexibility to finish the proposed transaction and/or any of the opposite foregoing dangers, and (14) our potential to implement our enterprise technique, together with the fee financial savings and effectivity parts, and obtain our monetary efficiency objectives, together with by way of the mixing of the HSBC branches.
Besides to the extent required by relevant legislation or regulation, every of Residents and Buyers disclaims any obligation to replace such components or to publicly announce the outcomes of any revisions to any of the forward-looking statements included on this communication to mirror future occasions or developments. Additional data concerning Residents, Buyers and components which may have an effect on the forward-looking statements contained herein might be present in Residents’ and Buyers’ Annual Experiences on Type 10-Okay for the fiscal 12 months ended December 31, 2021 filed with the Securities and Alternate Fee (“SEC”), and their different filings with the SEC.
Residents Media: Peter Lucht — 781.655.2289
Residents Investor Relations: Kristin Silberberg — 203.900.6854
Buyers Media: Dorian Hansen — 973.924.5100
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SOURCE Buyers Bancorp, Inc.