Investors Savings Bank, a subsidiary of New Jersey-based Investors Bancorp Inc., has signed an agreement with Millennium bcpbank to acquire approximately $575 million of deposits and 17 branch offices in New Jersey, New York and Massachusetts for a deposit premium of 0.11 percent.

Under the agreement, the parties will enter into a loan purchase agreement in which investors will purchase a portion of Millennium’s performing loan portfolio. The parties will also negotiate a loan servicing agreement for investors to service those loans it does not purchase.

"This is an excellent opportunity to expand our branch network and improve our core deposit mix. We look forward to providing the same high quality, personalized level of customer service these depositors have become accustomed to," said Kevin Cummings, president and CEO of Investors.

Millennium operates branch offices in New Bedford, Fall River and Ludlow; Union, Newark, Perth Amboy, Long Branch, Elizabeth, Kearny and Lyndhurst, N.J; and Queens and Long Island, N.Y. The company is "evaluating its options" for the Bay State branch offices, according to a statement.

This transaction has received approvals from the boards of directors of both companies, and remains subject to regulatory approval. The acquisition is expected to close during the quarter ending September 2010.

Investors Bancorp Inc. operates from its corporate headquarters in Short Hills, N.J., and has 65 branch offices throughout New Jersey. As of December 31, 2009, the company reported assets of $8.4 billion and deposits of $5.8 billion.