Prospects will proceed to be served via their respective Residents and Traders branches, web sites and cell purposes after shut and till techniques are transformed
PROVIDENCE, R.I. & SHORT HILLS, N.J., March 24, 2022–(BUSINESS WIRE)–Residents Monetary Group, Inc. (NYSE: CFG) (“Residents”) and Traders Bancorp, Inc. (NASDAQ: ISBC) (“Traders”) at the moment introduced receipt of regulatory approval from the Board of Governors of the Federal Reserve System and the Workplace of the Comptroller of the Foreign money to finish the beforehand introduced acquisition of Traders.
The acquisition is anticipated to shut by mid-April 2022, pending satisfaction of customary closing situations. After closing, over the course of 2022, Residents will present Traders’ prospects with complete info regarding the anticipated conversion of their accounts to Residents, focused to be accomplished within the first quarter of 2023. Till conversion, prospects will proceed to be served via their respective Residents and Traders branches, web sites and cell purposes.
“We’re happy to have obtained regulatory approval to finish the acquisition of Traders, which intently 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 development potential,” stated Bruce Van Saun, Chairman and Chief Govt Officer of Residents. “We now have been fastidiously planning for a profitable integration to make sure that we proceed to offer wonderful customer support whereas making a robust entrance into the New York Metropolis metro and New Jersey areas.”
“We’re excited in regards to the deliberate merger with Residents. Our prospects, colleagues, communities and stockholders will profit from Residents’ scale, capabilities and dedication to excellence,” stated Kevin Cummings, Chairman and Chief Govt Officer of Traders.
Key members of Traders’ administration staff are anticipated to affix Residents, making certain enterprise and consumer continuity. Upon closing of the transaction, Mr. Cummings and Michele N. Siekerka, who presently serve on the board of administrators of Traders, are anticipated to affix Residents’ board of administrators. Domenick Cama, Traders’ 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 property as of December 31, 2021. Headquartered in Windfall, Rhode Island, Residents presents a broad vary of retail and industrial banking services to people, small companies, middle-market firms, massive firms and establishments. Residents helps its prospects attain their potential by listening to them and by understanding their wants so as to supply 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 heart 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 embody a full vary of banking, lending, financial savings, wealth administration and small enterprise choices. In Industrial Banking, Residents presents a broad complement of economic merchandise and options, together with lending and leasing, deposit and treasury administration companies, international alternate, rate of interest and commodity danger administration options, in addition to mortgage syndication, company finance, merger and acquisition, and debt and fairness capital markets capabilities. Extra info is on the market at www.citizensbank.com or go to us on Twitter, LinkedIn or Fb.
About Traders Bancorp, Inc.
Traders Bancorp, Inc. is the holding firm for Traders Financial institution with property of roughly $28 billion as of December 31, 2021 and operated from its company headquarters in Quick Hills, New Jersey and 154 branches situated all through New Jersey, New York and Pennsylvania.
Cautionary Assertion About Ahead-Wanting Statements
This communication accommodates “forward-looking statements” inside the that means of the Personal Securities Litigation Reform Act of 1995 relating to the monetary situation, outcomes of operations, enterprise plans and future efficiency of Residents and Traders. Phrases akin to “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “initiatives,” “targets,” “designed,” “may,” “could,” “ought to,” “will” or different comparable phrases and expressions are meant to determine these forward-looking statements. These forward-looking statements are primarily based on Residents’ and Traders’ present expectations and assumptions relating to Residents’ and Traders’ companies, the financial system, and different future situations.
As a result of forward-looking statements relate to future outcomes and occurrences, they’re topic to inherent dangers, uncertainties, adjustments in circumstances and different components which might be tough to foretell. Many doable occasions or components may have an effect on Residents’ and/or Traders’ future monetary outcomes and efficiency and will trigger the precise outcomes, efficiency or achievements of Residents and/or Traders 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 price financial savings, any income synergies and different anticipated advantages of the proposed transaction might not be realized or could take longer than anticipated to be realized, together with on account of the affect of, or issues arising from, the combination of the 2 firms or on account of the situation of the financial system and aggressive components in areas the place Residents and Traders 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 incidence of any occasion, change or different circumstances that would give rise to the correct of 1 or each of the events to terminate the definitive merger settlement between Residents and Traders, (4) the chance that the combination of Residents’ and Traders’ operations shall be materially delayed or shall be extra pricey or tough than anticipated or that Residents and Traders are in any other case unable to efficiently combine their companies, (5) the end result of any authorized proceedings which may be instituted in opposition to Residents and/or Traders, (6) reputational danger and potential hostile reactions of Residents’ and/or Traders’ prospects, suppliers, staff 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 situations within the definitive merger settlement to be happy 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 sudden components or occasions, (10) the dilution brought on by Residents’ issuance of extra shares of its capital inventory in reference to the proposed transaction, (11) normal aggressive, financial, political and market situations, (12) different components which will have an effect on future outcomes of Traders and/or Residents together with adjustments in asset high quality and credit score danger, the shortcoming to maintain income and earnings development, adjustments in rates of interest and capital markets, inflation, buyer borrowing, compensation, funding and deposit practices, the affect, extent and timing of technological adjustments, capital administration actions, and different actions of the Federal Reserve Board and legislative and regulatory actions and reforms, (13) the affect of the continuing world COVID-19 pandemic on Residents’ and/or Traders’ companies, the flexibility to finish the proposed transaction and/or any of the opposite foregoing dangers, and (14) our skill to implement our enterprise technique, together with the price financial savings and effectivity elements, and obtain our monetary efficiency objectives, together with via the combination of the HSBC branches.
Besides to the extent required by relevant legislation or regulation, every of Residents and Traders 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 replicate future occasions or developments. Additional info relating to Residents, Traders and components which may have an effect on the forward-looking statements contained herein may be present in Residents’ and Traders’ Annual Studies on Kind 10-Ok for the fiscal yr ended December 31, 2021 filed with the Securities and Alternate Fee (“SEC”), and their different filings with the SEC.
View supply model on businesswire.com: https://www.businesswire.com/information/house/20220324006006/en/
Contacts
Residents Media: Peter Lucht — 781.655.2289
Residents Investor Relations: Kristin Silberberg — 203.900.6854
Traders Media: Dorian Hansen — 973.924.5100