Investors Bancorp, American Bancorp merger gets regulatory approvals

By Lisa Kerner

Charlotte, N.C., April 14 - All necessary regulatory approvals have been received in the proposed merger of Investors Bancorp, Inc. and American Bancorp of New Jersey, Inc., the companies announced on Tuesday.

In December, Investors Bancorp announced it agreed to acquire American Bancorp in a stock-and-cash transaction originally valued at $12.50 per share, or $140 million.

American Bancorp stockholders have until May 18 to elect to receive either 0.9218 of a share of Investors Bancorp common stock, $9.11 in cash or a combination of stock and cash for each American Bancorp share, subject to proration, under the companies' amended merger agreement.

American Bancorp said it has mailed all proxy materials for its annual meeting of shareholders to be held on May 19. The record date for the meeting is March 31.

The merger transaction is expected to close in the second quarter of 2009, subject to approval by American Bancorp's shareholders at the annual meeting.

Investors Bancorp, located in Short Hills, N.J., is a holding company for Investors Savings Bank, a New Jersey chartered savings bank.

American Bancorp is the holding company for American Bank of New Jersey, a federally chartered stock savings bank based in Bloomfield, N.J.

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