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Marathon Banking agrees to purchase by Investor Bancorp
Posted on Friday, 15 June 2012 14:39
Investors Bancorp and Marathon Banking have entered into a definitive merger agreement that will see the former acquire the latter from Greece-based Piraeus Bank.
The buyer will pay USD 135.00 million in cash for the business, which is headquartered in New York.
Kevin Cummings, chief executive of Investors Bancorp said: "This transaction is a continuation of our strategy of expansion into the New York markets and more than doubles our existing New York branch network."
Paul Stathoulopoulos, chief executive of Marathon Banking Corporation added: “We are pleased to form this partnership with a bank that cares about their communities and can offer Marathon National Bank's customers enhanced and expanded services."
Upon completion, Stathoulopoulos will join the board of Investors Bancorp.
Both companies’ boards have approved the deal, although it is now subject to regulatory approvals and is expected to close during the fourth quarter of this year.
Marathon Banking was founded in 1989 and was acquired by Piraeus in 1999.
The company operates in the greater New York metropolitan area through 13 offices.
Investors Bancorp is headquartered in New Jersey and for incorporated in 1926 as the Washington Rock Building and Loan Association.
The business has been listed on Nasdaq since 2005.
Its shares closed up at USD 14.84 yesterday.
Following the purchase of Marathon Banking, Investors Bancorp will have 22 branches in New York, which will represent 22.0 per cent of its total branch network and amount to deposits of around USD 1.30 billion.
Piraeus Bank is based in Athens and was founded in 1916.
The firm listed on the Athens Stock Exchange in 1918 and was state-owned between 1975 and 1991.
As of March 2012, it has 732 branches, of which 328 are located in Greece, and employed 10.946 people.
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