Residents Monetary Group Inc. on Wednesday mentioned it agreed to purchase Buyers Bancorp Inc. in a $3.5 billion cash-and-stock deal that can broaden Residents’ presence in a number of profitable East Coast markets.
The deal, the newest in a sequence of regional financial institution tie-ups, comes two months after Residents agreed to purchase 80 East Coast branches and the web deposit enterprise of HSBC Holdings PLC as a part of the London-based financial institution’s pullback from the U.S. market.
The Buyers deal will give Residents about $215 billion in belongings and assist fill within the hole between its Northeast branches and the mid-Atlantic branches acquired from HSBC. The brand new department footprint of Windfall, R.I.-based Residents will stretch from Vermont to Washington, D.C.
Residents is including greater than 150 branches within the New York Metropolis and Philadelphia metropolitan areas and throughout New Jersey. In its deal for HSBC, Residents picked up branches in New York, Washington, D.C., and southeast Florida.
“Once we acquired HSBC, it intensified our efforts to get something done with Investors, which is complementary and gives us a great foundation to attack the [Greater New York City] market,” Residents Chief Govt Bruce Van Saun mentioned in an interview.