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Investors Bancorp

Investors Bank on Route 25A in Setauket. Photo by Rita J. Egan

Investors Bank donated $100,000 to Stony Brook University Hospital to aid during the height of the COVID-19 crisis.

Investors, which recently completed the acquisition of Gold Coast Bancorp, granted Stony Brook the funds in April through the bank’s charitable foundation to the university hospital’s foundation. 

“We want Stony Brook to use this grant to fight this pandemic and provide assistance to the real heroes – those doctors, nurses, and administrators on the front line,” Investors Bank Chairman and CEO Kevin Cummings said in a statement. “They are doing a fantastic job under unimaginable circumstances and we want to support them any way we can.”

The original impetus for the grant came from John Tsunis, the former Gold Coast Chairman and CEO and current Chairman of Investors Bank Long Island Advisory Board. He said he was grateful Investors “is continuing that partnership and that its core values echo what the Long Island communities have come to expect from Gold Coast.”

Since the start of the ongoing pandemic, Stony Brook University Hospital has seen support from many sides, from donations such as this to average citizens and local businesses donating hospital supplies and food to beleaguered health care staff.

“Words cannot describe how grateful we are to receive this grant,” said Carol Gomes, the CEO of Stony Brook University Hospital. “We could not get through this without the community doing everything humanly possible to assist. On behalf of everyone, we so greatly appreciate your support, kindness and generosity. It will be put to very good use.”

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Gold Coast's East Setauket location as well as the bank's other branches will soon be part of Investors Bank. Photo by Rita J. Egan

Investors Bancorp, Inc., based in Short Hills, New Jersey, announced its acquisition of Islandia-based Gold Coast Bancorp, Inc. last week.

According to a press release from Investors Bancorp, consideration will be paid to Gold Coast stockholders in a combination of stock and cash valued at $63.6 million. The deal is based on Investors’ July 23 closing price of $11.20. Gold Coast had assets of $563 million, loans of $463 million and deposits of $486 million as of March 31.

“We are pleased to partner with Gold Coast, a commercial bank with deep ties to the Long Island community and a strong track record of growth,” said Investors’ Chairman and CEO, Kevin Cummings in the press release. “This transaction strengthens Investors’ current suburban Long Island franchise and deepens our presence in this large, affluent market.”

Gold Coast founder John Tsunis said in a phone interview that the Long Island bank chain needed larger facilities to support its business. He said it could only facilitate up to $10 million in business as it had a cap.

“To better service our customers, we needed to get more capital to support what our customers are doing,” Tsunis said. “To do that we either had to raise capital in the markets or merge with another bank.”

Tsunis, the current CEO and chairman of Gold Coast, said Investors Bank is the largest commercial bank in New Jersey with approximately a $23 billion balance sheet in contrast to Gold Coast’s $700 million balance sheet.

Investors Bank will be able to offer more services than the smaller community branches of Gold Coast, he said. The new offers will include points and larger facilities.

“With seven branches we’re limited in our reach and our scope around our branches,” Tsunis said.

Gold Coast Bank will now be called Investors Bank and all branches will remain open. In addition to its Islandia headquarters, Gold Coast has locations in Huntington, East Setauket, Farmingdale, Mineola, Southampton and Brooklyn. Investors Bancorp’s CEO and chairman of the board have visited the Island to meet with employees. Most employees are expected to continue working at their branches.

Tsunis will stay on as chairman of the regional advisory board. He said he would continue to facilitate the growth of the relationships Gold Coast has established in its communities. All of the Gold Coast board members have been offered a board position on the Investors board on Long Island as well.

Tsunis said he feels the move will be a good one for Gold Coast customers.

“We endeavored to be a community bank in the areas we serve, and they subscribe to the same philosophy,” Tsunis said.

Investors Bank has 147 branches in New York and New Jersey, with seven located on Long Island. Locations can be found in East Northport, Commack, Wantagh, Mineola, Manhasset, Merrick and Franklin Square.