Investors Bancorp, the holding company for Investors Bank, and Roma Financial Corp., the holding company for Roma Bank, announced last week that their merger deadline was extended as the companies await regulatory approval.
The deal between the two banks, which are headquartered in New Jersey, provides for the acquisition of Roma by Investors in a transaction valued at $452 million. The deal was scheduled to close earlier last week, but the agreement was amended to extend the deadline until Nov. 30, NJ.com reports.
Though the banks have already received regulatory approval from the New Jersey Department of Banking and Insurance and the FDIC, the Federal Reserve has yet to approve the deal, which was initially supposed to close by the end of May.
All terms provided in the merger agreement remain the same in the amended agreement.
Roma Bank is a 93-year-old community bank located in Robbinsville, N.J., with branch locations in Mercer, Burlington, Camden and Ocean counties. Investors Bank operates in Short Hills, N.J., and has more than 100 branches in northern and central New Jersey and New York.