FOR IMMEDIATE RELEASE: FRIDAY, AUGUST 16, 1996

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by Investors Bancorp, MHC, and its subsidiary, Investors Bancorp, Inc., both of Millburn, N.J., to become a mutual bank holding company and a stock-form bank holding company, respectively, by acquiring 100 percent of the common stock of Investors Savings Bank, Millburn, N.J., a mutual savings bank that is expected to convert to a stock form savings bank.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.