Investors Bancorp (ISBC), Marathon Banking Enter $135M Merger Agreement

June 15, 2012 7:03 AM EDT
Investors Bancorp, Inc. (NASDAQ: ISBC) and Marathon Banking Corporation announce a definitive merger agreement under which Investors Bancorp will acquire Marathon Banking Corporation for $135 million in cash consideration.

Marathon Banking Corporation is the U.S. subsidiary of Piraeus Bank S.A. and the parent corporation of Marathon National Bank of New York, a federally chartered commercial bank headquartered in Astoria, NY with $902 million in assets, $783 million in deposits, and 13 full-service branches in the New York metropolitan area. Upon completion of this transaction, Investors Bancorp will have 22 New York branches, representing 22% of its total branch network, totaling approximately $1.3 billion in deposits.

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