Merger & Acquisition
Banking / Financial

Kearny Financial Corp. Announces Merger with MSB Financial Corp.

Fairfield-based Kearny Bank announced it will acquire Millington Bank in a $94-million deal. The value of the transaction was based on Kearny Financial Corp.’s closing stock price of $14.10 per share this past Tuesday.

The acquisition expands Kearny’s footprint farther westward into Somerset and Morris counties. As of Sept. 30, MSB Financial Corp., the holding company for Millington Bank, had approximately $591 million of assets, $513 million of loans, and $476 million of deposits. The combined company is expected to have approximately $7.25 billion of assets, $5.1 billion of loans, and $4.67 billion of deposits with 52 full service branch locations.

Craig L. Montanaro, president and CEO of Kearny stated, “I am pleased to announce our partnership with Millington Bank. We are two strong community banks with well over two combined centuries of rich history serving our clients and the surrounding communities.  We welcome the Millington employees and clients and feel that our expanded product suite and focus on digital technologies will offer an opportunity to further grow the combined franchise which makes this a winning combination for all concerned.”

Michael Shriner, president and CEO of Millington Bank noted, “We are pleased to be joining Kearny and its strong branch network in New Jersey and New York City.  This merger will expand the banking opportunities and services available to our employees, customers and the communities that we serve.”

The merger is expected to close during the 2nd calendar quarter of 2020, subject to Millington receiving the requisite approval of its shareholders, receipt of all regulatory approvals and fulfilment of other customary closing conditions.

PNC FIG Advisory, Inc. served as financial advisor to Kearny, and Luse Gorman, PC served as its legal counsel. FinPro Capital Advisors Inc. served as financial advisor to Millington, and Jones Walker LLP served as its legal counsel.

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