Prospects will proceed to be served via their respective Residents and Buyers branches, web sites and cellular functions after shut and till programs are transformed
PROVIDENCE, R.I. & SHORT HILLS, N.J., March 24, 2022–(BUSINESS WIRE)–Residents Monetary Group, Inc. (NYSE: CFG) (“Residents”) and Buyers Bancorp, Inc. (NASDAQ: ISBC) (“Buyers”) right now 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 Buyers.
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 Buyers’ clients with complete info referring to 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 via their respective Residents and Buyers branches, web sites and cellular functions.
“We’re happy to have acquired regulatory approval to finish the acquisition of Buyers, 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’ve got been fastidiously planning for a profitable integration to make sure that we proceed to offer glorious customer support whereas making a powerful entrance into the New York Metropolis metro and New Jersey areas.”
“We’re excited in regards to the deliberate merger with Residents. Our clients, colleagues, communities and stockholders will profit from Residents’ scale, capabilities and dedication to excellence,” stated Kevin Cummings, Chairman and Chief Govt Officer of Buyers.
Key members of Buyers’ 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 at present serve on the board of administrators of Buyers, are anticipated to affix 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 without doubt one of 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 affords a broad vary of retail and business banking services to people, small companies, middle-market corporations, giant firms and establishments. Residents helps its clients attain their potential by listening to them and by understanding their wants in an effort to provide tailor-made recommendation, concepts and options. In Shopper Banking, Residents offers an built-in expertise that features cellular 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 affords a broad complement of economic merchandise and options, together with lending and leasing, deposit and treasury administration companies, overseas trade, 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 out there at www.citizensbank.com or go to us on Twitter, LinkedIn or Facebook.
About Buyers Bancorp, Inc.
Buyers Bancorp, Inc. is the holding firm for Buyers 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 positioned all through New Jersey, New York and Pennsylvania.
Cautionary Assertion About Ahead-Wanting Statements
This communication accommodates “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act of 1995 concerning the monetary situation, outcomes of operations, enterprise plans and future efficiency of Residents and Buyers. Phrases resembling “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “initiatives,” “targets,” “designed,” “may,” “might,” “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 economic 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 can be tough to foretell. Many potential 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 danger that the associated fee financial savings, any income synergies and different anticipated advantages of the proposed transaction is probably not realized or might take longer than anticipated to be realized, together with because of the influence of, or issues arising from, the combination of the 2 corporations or because of the situation of the economic system and aggressive components in areas the place Residents and Buyers do enterprise, (2) disruption to the events’ companies because 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 proper of 1 or each of the events to terminate the definitive merger settlement between Residents and Buyers, (4) the danger that the combination of Residents’ and Buyers’ operations will probably be materially delayed or will probably be extra expensive or tough than anticipated or that Residents and Buyers 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 Buyers, (6) reputational danger and potential antagonistic reactions of Residents’ and/or Buyers’ clients, 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 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 dearer to finish than anticipated, together with because of sudden 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 situations, (12) different components which will have an effect on future outcomes of Buyers and/or Residents together with adjustments in asset high quality and credit score danger, the lack to maintain income and earnings development, adjustments in rates of interest and capital markets, inflation, buyer borrowing, compensation, funding and deposit practices, the influence, 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 influence of the continued international COVID-19 pandemic on Residents’ and/or Buyers’ companies, the power 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 associated fee financial savings and effectivity elements, and obtain our monetary efficiency targets, together with via the combination 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 info concerning Residents, Buyers and components which may have an effect on the forward-looking statements contained herein will be present in Residents’ and Buyers’ Annual Reviews on Type 10-Okay for the fiscal 12 months ended December 31, 2021 filed with the Securities and Trade Fee (“SEC”), and their different filings with the SEC.
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Contacts
Residents Media: Peter Lucht — 781.655.2289
Residents Investor Relations: Kristin Silberberg — 203.900.6854
Buyers Media: Dorian Hansen — 973.924.5100
