Investors Bancorp to Cut 31 Jobs at Marathon Acquisition

Investors Bancorp (ISBC) will cut 31 jobs at Marathon National Bank of New York, about a month after it completed its acquisition of the formerly Greek-owned bank.

Investors will eliminate executive and back-office operational positions at Marathon that were redundant to Investors' existing personnel, said Chief Operating Officer Domenick Cama. Investors will keep all Marathon branch and lending staff, and it does not plan to close any Marathon branches, he said. 

Short Hills, N.J.-based Investors on Oct. 15 closed on its deal for the $897 million-asset Marathon. The combined company has about $12.4 billion of assets and 22 branches in metro New York.

Investors, a thrift that's majority owned by a mutual holding company, acquired Marathon from Piraeus Bank in Greece for $135 million in cash.