Investors Bancorp, Inc. To Acquire Marathon Banking Corporation From Piraeus Bank S.A.

Investors Bancorp, Inc. and Marathon Banking Corporation announced a definitive merger agreement under which Investors Bancorp will acquire Marathon Banking Corporation for $135 million in cash consideration. Marathon Banking Corporation is the U.S. subsidiary of Piraeus Bank S.A. and the parent corporation of Marathon National Bank of New York, a federally chartered commercial bank headquartered in Astoria, NY with $902 million in assets, $783 million in deposits, and 13 full-service branches in the New York metropolitan area. Upon completion of this transaction, Investors Bancorp will have 22 New York branches, representing 22% of its total branch network, totaling approximately $1.3 billion in deposits. The merger has been approved by each company's board of directors and is anticipated to close in the fourth quarter of 2012.