May 22, 2009 (FinancialWire) — Investors Bancorp, Inc. (NASDAQ: ISBC) said that its Investors Savings Bank subsidiary has agreed to buy around $250 million of deposits and six New Jersey branch offices of Puerto-Rico-based Popular Inc.’s (OTCBB: BPOP) Banco Popular branches for around for a deposit premium of 1%.

The acquisition is scheduled to close during the quarter ending in September. Investors said it is not acquiring loans as part of this transaction.

Popular said it is shedding 28 of its 132 U.S. branches.

Short Hills, New Jersey-based Investors Bancorp is the holding company for Investors Savings Bank, which operates fifty-three branch offices located in New Jersey.

The company is also buying five branches of the American Bancorp of New Jersey acquisition in a deal that is scheduled to close on May 31.

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