Investors Financial shareholders to vote June 20 on acquisition by State Street

By Lisa Kerner

Charlotte, N.C., May 23 - Investors Financial Services Corp.'s board urges its shareholders to vote in favor of the proposed merger with State Street Corp. at a special meeting to be held on June 20 at 10 a.m. ET, according to an open letter to stockholders from chairman and chief executive officer Kevin J. Sheehan.

On Feb. 5, State Street signed a definitive agreement to acquire Investors Financial in a stock transaction estimated at $4.5 billion. Investors Financial shareholders will receive 0.906 of a share of State Street common stock for each share of Investors Financial Services common stock, with about 65.6 million State Street common shares expected to be issued.

The transaction between the two Boston-based companies should close by the third quarter of 2007 and will give State Street more than $14 trillion in assets under custody, a company news release stated.

State Street is the holding company for State Street Bank and Trust.

Investors Financial Services operates as the holding company for Investors Bank & Trust Co.

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