Investors Bancorp Inc., Short Hills, N.J., has agreed to acquire Brooklyn (N.Y.) Federal Bancorp Inc., for $10 million total. All shareholders of Brooklyn Federal, except for BFS Bancorp MHC, will receive cash (approximate total $3 million) for their stock. The BFS shares will be converted into shares of Investors.
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As part of the transaction, Investors said it entered into an agreement with an undisclosed real estate investment fund to sell most of Brooklyn Federal’s commercial real estate loan portfolio concurrent with the deal closing. Any loans not sold will be hedged with that fund. As of June 30, that portfolio totaled $208 million.
Investors will retain $82 million in residential mortgages from Brooklyn Federal.
Daily Briefing | Wednesday, August 17, 2011
Hang Tough on Principal Writedowns, New Group Tells AGs
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Flagstar Sells Branches to First Financial
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RMIC Parent Has Ratings Cut
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Ryan Appointed CSBS’ New CEO
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Hill Oversees SunTrust Mortgages
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CFPB Rules Allow Sharing of Bank Exam Information
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Knights of Columbus Expands MBS Case
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Mortgage Interest Rates Hit Low for Year
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REO Allegiance to be Part of New Inspection Program
Property preservation provider REO Allegiance, Bayonne, NJ, has been selected to be part of a new inspection program created by Atlas REO Services to protect foreclosed homes.
‘Typical’ July Looks Good On Paper in Houston
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