UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 7, 2017
INVESTORS BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-36441 | 46-4702118 | ||
| (State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer | ||
| Identification No.) | ||||
| 101 JFK Parkway, Short Hills, New Jersey | 07078 | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: (973) 924-5100
Not Applicable
_________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| o | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2). |
| o | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
| Item 8.01 | Other Events. |
On December 7, 2017, Investors Bancorp, Inc. announced it has implemented a plan to reduce operating expenses, including a workforce reduction of approximately 5% and the closure of six branch offices. The workforce reduction will take effect by year end and it is anticipated the branch closures will take effect the first week of March 2018.
The Company estimates the workforce reduction along with the branch closures will reduce its annual operating expenses by approximately $10 to $12 million. In connection with the plan, the Company expects to recognize non-recurring pre-tax expenses of approximately $5 million in the fourth quarter of 2017 attributed to severance benefits and the costs related to the branch closures.
A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits |
| (a) | Not Applicable. |
| (b) | Not Applicable. |
| (c) | Not Applicable |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press release dated December 7, 2017 by Investors Bancorp, Inc., announcing workforce reduction and branch closures | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| INVESTORS BANCORP, INC. | ||
| DATE: December 8, 2017 | By: | /s/ Sean Burke |
| Sean Burke | ||
| Senior Vice President and Chief Financial Officer | ||
EXHIBIT INDEX