(Reuters) - U.S. regional bank Investors Bancorp Inc (ISBC.O) has hired deal adviser Keefe, Bruyette & Woods Inc., to find a potential buyer, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Shares of Investors Bancorp rose as much as 9.4 percent to $12.45 on Tuesday, after news of the possible sale.
The bank, which has about 150 branches in New Jersey and New York, had a market capitalization of $3.39 billion as of Monday’s close.
Investors Bancorp was not immediately available for a comment, while KBW declined to comment.
A possible sale would add to a series of mergers among small banks as they look to compete with big banks.
Reporting by Bharath Manjesh in Bengaluru; Editing by James Emmanuel