Citizens to Buy Investors Bancorp in $3.5 Billion NYC Push (2)

Citizens Financial Group Inc. agreed to buy Investors Bancorp Inc. in a $3.5 billion deal that will give it a bigger presence in New York City and Philadelphia.

The cash and stock transaction will give Citizens roughly $27 billion of assets, bringing its total above $200 billion, and is expected to be completed in the first half of next year, the banks said in a statement Wednesday.

Citizens, based in Providence, Rhode Island, is already among the 20 biggest U.S. banks and has been growing through acquisitions. Earlier this year, it agreed to buy 80 of HSBC Holdings Plc’s ...