US-based Citizens Financial Group, which operates Citizens Bank, has wrapped up the acquisition of Investors Bancorp.

The stock and cash deal valued at approximately $3.5bn was first announced in July 2021.

Investors’ acquisition by the group follows the acquisition of HSBC’s East Coast branches and national online deposit business.

The deals enhance the Citizens’ banking franchise by giving it access to middle market/small business and consumer customer base, the bank noted.

They add more than 200 branches to the Citizens’ branch network across New Jersey, Philadelphia, and the greater New York areas.

Citizens chairman and CEO Bruce Van Saun said: “With the acquisitions of Investors and HSBC’s East Coast branches now complete, we look forward to bringing our new customers the full range of Citizens capabilities and building a formidable business in the important New York City metro region and New Jersey markets.

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“We are pleased to welcome more than 1,600 Investors colleagues to the Citizens family. Together we will drive future growth and deliver long-term value for all our stakeholders.”

Investors has been merged with Citizens, while its wholly-owned subsidiary, Investors Bank has been merged with Citizens Bank, National Association, (CBNA).

As per the terms of the merger agreement, Kevin Cummings, Investors Bancorp chairman and CEO, and Michele Siekerka, member of the board of directors of Investors Bancorp have joined both Citizens’ board of directors and CBNA’s board of directors.