Shares of Roma Financial Corp. (ROMA) surged around 51 percent in the after-hours trading on Nasdaq on Wednesday after the federally-chartered holding company for Roma Bank signed a merger agreement to be acquired by Investors Bancorp, Inc. (ISBC), the holding company for Investors Bank.
MHC (Roma MHC), a federally chartered mutual holding company, owns approximately 74.5 percent of Roma Financial.
Under the deal terms, each Roma Financial share will be converted into 0.8653 shares of Investors Bancorp. The transaction is valued at $15 per Roma Financial share. Upon closing of the merger, Investors Bancorp expects to issue 25.88 million shares of common stock, including 19.54 million shares to Investors MHC. The aggregate merger consideration to be received by Roma Financial minority shareholders is $113.5 million.
As of September 30, Roma Financial operated 26 branches, and had assets of $1.84 billion, deposits of $1.49 billion and stockholders' equity of $218.8 million.
Following the deal, Roma Financial's three board members will be appointed to the board of directors of Investors Bank and its holding companies. The remaining Roma Board members will serve on an Advisory Board.
It is anticipated that RomAsia Bank, a subsidiary that is 91 percent owned by Roma Financial, will merge into Investors Bank.
Roma shares closed Wednesday's trading at $9.26, up $0.20 or 2.21 percent. In the after-hours, shares surged $4.69 or 50.65 percent to $13.95.
In the extended trading, Investors Bancorp shares declined $0.70 or 3.92 percent to $17.15.
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