Investors Bancorp closes on Marathon acquisition

Associated Press Published: October 16, 2012

SHORT HILLS, N.J. (AP) — Investors Bancorp Inc. has closed on its $135 million acquisition of Marathon Banking.

The deal was announced in June.

Marathon Banking Corp. is the U.S. subsidiary of Greece's Piraeus Bank SA and the parent of Marathon National Bank.

The combined company has about $12.4 billion in assets, $8.7 billion in deposits and 100 branch locations.

"The addition of Marathon more than doubles our branch network in the New York market and provides opportunities for us to enhance our commercial franchise," Investors Bancorp President and CEO Kevin Cummings said in a statement.

Shares of Investors Bancorp, which is based in Short Hills, N.J., rose 5 cents to $18.21 in afternoon trading on Tuesday.

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