Investors Bank Extinguishes $1 Billion in Wholesale Funding
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SHORT HILLS, N.J., Dec. 29, 2020 /PRNewswire/ December 29, 2020 - Investors Bancorp, Inc. (NASDAQ: ISBC) ( Company ) extinguished $1 billion in wholesale funding with an average rate of 2.01%. As previously disclosed, a portion of the wholesale funding was extinguished in October, while the remainder was extinguished on December 22, 2020.
The Company incurred $24 million of pre-tax costs associated with the early extinguishment which were partially offset with a pre-tax gain of approximately $23 million as the Company completed two previously disclosed sale leaseback transactions in the fourth quarter. The Company expects these actions will have a positive impact on its net interest margin and EPS going forward.