Investors Bancorp, the parent company of Investors Bank, completed the acquisition of Gold Coast Bancorp, the parent company of Gold Coast Bank, for $62m. Each share of Gold Coast Bancorp common stock was converted into the right to receive, at the election of the shareholder, $15.75 in cash,1.422 shares of Investors Bancorp common stock or a combination of cash and Investors Bancorp common stock, subject to proration to ensure that in the aggregate, 50% of the transaction consideration will be paid in the form of Investors Bancorp common stock. "We appreciate the support of Investors Bancorp's balance sheet as well as its strong team of banking professionals in these perilous times. The merger will reinforce the efforts begun by Gold Coast Bank over a decade ago. Our customers will continue to be in safe hands with the many tools available with Investors Bancorp allowing for continued excellent service to all of our customers," John Tsunis, Gold Coast Bancorp Chairman and Chief Executive Officer.