The circa-1880 Brooklyn Federal Savings Bank, which has two branches and an office building in Brooklyn, is being acquired by Investors Bank, identified as Investors Bancorp Inc. and based in Short Hills, N.J.
Its branches, five in all — the other three are in Wantagh, Commack and Islandia on Long Island — will open on Monday, Jan. 23, with new Investors Bank signage.
“Investors Bancorp’s acquisition of Brooklyn Federal adds five branches to our branch network and approximately $390 million of deposits, which complements our expansion into New York,” said Kevin Cummings, president and CEO of Investors. “We are committed to providing Brooklyn Federal’s customers with the same high level of service to which they have become accustomed.”
On Friday, Jan. 6, Investors completed the acquisition of the venerable Brooklyn bank and yesterday, completed the sale of much of the Brooklyn-based bank’s commercial real estate portfolio; and this coming weekend, Jan. 20 and 21, Investors will complete the conversion of the former bank’s systems.
The two Brooklyn branches include the Downtown Brooklyn branch at 81 Court St. and the Kings Bay branch at 3780 Nostrand Ave. in Sheepshead Bay.
Brooklyn Federal was the owner of the six-story building at 81 Court that houses the branch and Investors Bank will keep it and use the office space for its New York headquarters, according to Cummings.
Brooklyn Federal was an independent community bank offering complete banking and financial services, according to its website, and expanded to Long Island so it would have “a high recognition rate among suburban residents, most of who were transplanted from Brooklyn.”
Investors Bancorp Inc. is the holding company for Investors Bank, which operates from its corporate headquarters in Short Hills. As of Dec. 31, it had 81 branch offices in New Jersey and New York.