Investors Bancorp – ISBC – To Acquire Marathon Banking Corporation from Piraeus Bank S.A.

Investors Bancorp, Inc. (NASDAQ: ISBC) and Marathon Banking Corporation announce a definitive merger agreement under which Investors Bancorp will acquire Marathon Banking Corporation for $135 million in cash consideration.

Marathon Banking Corporation is the U.S. subsidiary of Piraeus Bank S.A. and the parent corporation of Marathon National Bank of New York, a federally chartered commercial bank headquartered in Astoria, NY with $902 million in assets, $783 million in deposits, and 13 full-service branches in the New York metropolitan area. Upon completion of this transaction, Investors Bancorp will have 22 New York branches, representing 22% of its total branch network, totaling approximately $1.3 billion in deposits. Kevin Cummings, President and CEO of Investors Bancorp, Inc. commented, “We are excited about the acquisition of Marathon Banking Corporation and its subsidiary Marathon National Bank of New York. Marathon is a highly regarded commercial bank whose franchise will continue the transformation of Investors into a full service commercial bank. Additionally, 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.”

About Investors Bancorp, Inc. – ISBC

Investors Bank (ISBC), headquartered in Short Hills, New Jersey, is a full-service community bank that has been serving customers since 1926. With $11.3 billion in assets and a network of over 85 retail branches, ISBC delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking services include complete deposit products, online banking, home equity loans and lines of credit and a full array of mortgage loans. Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities and other businesses. ISBC is a member of the FDIC and an Equal Housing Lender.

About Marathon Banking Corporation

Marathon Banking Corporation is the holding company for Marathon National Bank of New York. Marathon National Bank of New York provides a full range of financial services to customers through 13 banking offices located in the boroughs of Queens, Brooklyn, Manhattan, Nassau and Richmond County, New York and in Fort Lee, New Jersey.

About Piraeus Bank S.A.

Piraeus Bank Group (www.piraeusbank.gr) was founded in 1916 and was listed on the Athens Stock Exchange in 1918. The Bank operated through a period of private ownership and management and in 1975 it passed to state-ownership until 1991, when it was privatized again.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.