Below is a concise history of Investors Bank.
In 1926, a group of prominent men from the Short Hills-Millburn area of New Jersey came together to form a new organization that would strive to make home ownership more affordable to the growing community. This organization would sell shares and collect deposits, which would then be lent out to fund mortgages. They called the organization Washington Rock Building and Loan Association of Millburn, and it was officially incorporated on May 4, 1926.
The association survived the Great Depression and began to prosper. 1942 was quite a transformational year, as the association completed its first merger, gained federal insurance for its deposits, opened its first fulltime office, hired its first fulltime staff, and changed its name to Investors Saving and Loan Association of Millburn. In 1945, Investors became the first savings and loan institution in New Jersey to open a branch office in order to better serve its customer base, which was growing due to a history of conservative leadership, good service, and continued mergers.
By the end of the 1970s, Investors had thirteen branches, including its first ones located outside of northern New Jersey. Investors continued its growth even through the difficult financial environment of the 1980s, and it began to offer more products such as checking accounts, money market accounts, and more types of home loans. On January 2, 1992, Investors became the first savings and loan institution in New Jersey to take advantage of a new law that allowed for a streamlined transition to a savings bank, and the name was modified to Investors Savings Bank. Branches in northern and central New Jersey were added at a more consistent pace beginning around this time.
Investors had a partial stock offering on October 12, 2005, which raised capital that fueled more growth, including increased mergers and acquisitions that would eventually result in its first branches in New York City, Long Island, and nearly every part of New Jersey. On September 19, 2011, in order to better reflect its variety of financial products for both consumers and businesses, its name was transitioned to Investors Bank and a new brand identity was introduced. Branches soon numbered in the triple digits, and Investors completed its successful public stock offering on May 7, 2014. With over $20 billion in assets, Investors is now one of the largest banks headquartered in New Jersey.
Over ninety years separated from its humble founding, Investors has not lost sight of its original goal: to serve its communities by providing excellent service and competitive products.
Mergers & Acquisitions
Year of incorporation and location of headquarters at time of transaction is in parentheses.
- 1942: Millburn Building and Loan Association (1907, Millburn, NJ)
- 1943: Connecticut Farms Building and Loan Association (1922, Union, NJ), Battle Hill Building and Loan Association (1923, Springfield, NJ)
- 1947: Brick Church Savings and Loan Association (1914, East Orange, NJ)
- 1958: Lyons Farms Building and Loan Association (1903, Hillside, NJ)
- 1963: Divident Hill Savings and Loan Association (1920, Newark, NJ)
- 1969: Plainfield Savings and Loan Association (1884, Plainfield, NJ)
- 1973: Camptown Savings and Loan Association (1910, Irvington, NJ)
- 1977: Supreme Savings and Loan Association (1925, Irvington, NJ)
- 1991: East Jersey Savings Bank (1869, Deal, NJ)
- 1995: Carteret Federal Savings Bank (select branches; 1939, Newark, NJ)
- 2008: Summit Federal Savings Bank (1891, Summit, NJ)
- 2009: American Bank of New Jersey (1919, Bloomfield, NJ), Banco Popular (select branches; 1961, New York, NY)
- 2010: Millennium BCP Bank (US operations; 2000, Newark, NJ)
- 2012: Brooklyn Federal Savings Bank (1887, Brooklyn, NY), Marathon National Bank (1989, Queens, NY)
- 2013: Roma Bank (1920, Robbinsville, NJ), RomAsia Bank (2008, Monmouth Junction, NJ)
- 2014: GCF Bank (1921, Sewell, NJ)