Investors Bancorp (ISBC) in Short Hills, N.J., announced Monday that it is selling an undisclosed number of shares to the investment banks that managed its recent stock sale.

The $15.6 billion-asset company is in the process of converting from a mutual holding company to a 100% stock-owned company and it completed its subscription offering on April 11. The new holding company is to be called New Investors Bancorp.

Due to high demand for the shares, the company said last week that it was increasing the maximum number of shares it is selling. Investors is notifying people who had expressed a desire to buy additional shares that the final deadline for supplemental stock orders is 2 pm on April 24; it will announce the results of the subscription offering shortly after that deadline.

It must sell a minimum of 170 million shares of stock, at $10 each, in the offering in order to complete the conversion from a mutual to a stock-holding company. Investors could raise more than $2.6 billion in the stock sale.

The joint book-running managers for the firm commitment underwritten offering are RBC Capital Markets, Keefe, Bruyette & Woods, and Sandler O'Neill & Partners. Barclays, Deutsche Bank Securities, and JPMorgan Chase (JPM) are joint lead managers in the offering. Sterne Agee and Boenning & Scattergood are acting as co-managers.

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