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Citizens Financial Group, the 15th largest U.S. bank by assets, according to bank services firm MX, will buy Investors Bancorp for $3.5 billion in cash and stock, The Wall Street Journal reported.
Investors Bancorp operates about 150 locations in New York and New Jersey. The sale will give Citizens a sizable footprint in lucrative markets where it has little presence, the WSJ noted.
In May, Citizens bought 80 branches and the online banking business that belonged to HSBC, the British bank that has shifted its focus to Asia. (See “HSBC Going Asian,” Trends Journal, 8 June 2021.)
The HSBC deal vaulted Citizens into the ranks of New York’s top 25 banks, added 800,000 customers to its portfolio, and gave it a foothold in southeast Florida, where the northeast’s wealthy “snowbirds” migrate in cold weather.
By buying Investors, Citizens picks up about $215 billion in assets and knits together its northeast branches and those in the mid-Atlantic region it bought from HSBC, extending Citizens’ unbroken network of coverage from Vermont to Washington, DC.
TRENDPOST: We note this article to again illustrate the reality of the Bigs getting bigger and how a very few control very much… especially in the Bankster sector, who, unlike the rest of society, are “Too Big to Fail,” and despite their convicted criminality, “Too Big to Jail.”This article, “Classic capitalism is dead” from our 5 February 2015 Trends Journal, makes it clear who is in charge of the money machine.