Investors Bancorp agrees to acquire Gold Coast in $63.6M deal

Investors Bancorp said Wednesday it has agreed to acquire Islandia-based Gold Coast Bancorp in a stock and cash deal valued at $63.6 million.

Upon completion of the transaction, Investors, of Short Hills, New Jersey, will add Gold Coast's six branches on Long Island and one branch in Brooklyn.

Gold Coast had assets of $563 million, loans of $463 million and deposits of $486 million as of March 31.

Investors Bancorp said in a news release that Gold Coast customers will gain access to expanded products and services. The company said it will create a regional advisory board consisting of members of Gold Coast's current board of directors. John Tsunis, Gold Coast's chairman and CEO, is expected to serve as chairman of the regional advisory board.

“We have been a community bank that is intimately involved with our customers and we want to continue that,” Tsunis said in an interview. “Investors is very supportive of that process. We have $700 million in assets. They have $23 billion. So I could do a $9 million deal; they can do tens of millions.”

The agreement has been approved by the boards of directors of both Investors and Gold Coast, and is subject to Gold Coast's stockholder approval and regulatory approvals. Subject to those approvals, the transaction is expected to close in the early part of the first quarter of 2020.