New Jersey Bank Buys New York Bank

By Brad Finkelstein

Published August 17, 2011, 12:45 p.m. EDT

1 Min Read

Investors Bancorp Inc., Short Hills, N.J., has agreed to acquire Brooklyn (N.Y.) Federal Bancorp Inc., for $10 million total. All shareholders of Brooklyn Federal, except for BFS Bancorp MHC, will receive cash (approximate total $3 million) for their stock. The BFS shares will be converted into shares of Investors.

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As part of the transaction, Investors said it entered into an agreement with an undisclosed real estate investment fund to sell most of Brooklyn Federal's commercial real estate loan portfolio concurrent with the deal closing. Any loans not sold will be hedged with that fund. As of June 30, that portfolio totaled $208 million.

Investors will retain $82 million in residential mortgages from Brooklyn Federal.

Brad Finkelstein

Originations Editor

Brad Finkelstein is the originations editor of National Mortgage News. While he covers the entire process, Brad's specialty is loan production and... Read full bio

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