Kearny Financial Corp. and MSB Financial Corp. Announce Expected Acquisition Closing Date

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[{"type":"text","content":"FAIRFIELD, N.J. and MILLINGTON, N.J., July 01, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (Nasdaq: KRNY) (“Kearny”) and MSB Financial Corp. (Nasdaq: MSBF) (“MSB”) expect that their proposed merger transaction will be completed after the market closes on July 10, 2020. The parties previously announced that MSB shareholders approved the merger at its shareholder meeting held on May 28, 2020, and that all required regulatory approvals or waivers were received.\n In accordance with the merger agreement, MSB shareholders were permitted to elect to receive either 1.3 shares of Kearny common stock, $18.00 in cash, or a combination of cash and shares of Kearny common stock for each share of MSB common stock owned, subject to proration and allocation to ensure that 90% of the shares of MSB common stock outstanding immediately before the completion of the merger are exchanged for shares of Kearny common stock and 10% are exchanged for cash as required by the merger agreement. The election period ended June 15, 2020. Based on the election results, cash elections were oversubscribed. As such, MSB shareholders will be entitled to receive the following merger consideration in exchange for their shares of MSB common stock: Shareholders who made a valid all-stock election are entitled to receive 1.3 shares of Kearny common stock for each of their shares of MSB common stock, plus cash in lieu of a fractional share, without interest;Shareholders who made a valid all-cash election or a valid mixed stock/cash election are entitled to receive $18.00 in cash, without interest, for approximately 12.3% of their shares of MSB common stock for which they made a valid cash election and 1.3 shares of Kearny common stock for each of their remaining shares of MSB common stock, plus cash in lieu of a fractional share, without interest; orShareholders who made no election or an invalid election are entitled to receive 1.3 shares of Kearny common stock for each of their shares of MSB common stock, plus cash in lieu of a fractional share, without interest. MSB shareholders with questions regarding their individual election results should contact Georgeson, Kearny’s information agent, at (888) 206-5896. About Kearny Financial Corp. Kearny Financial Corp. is the parent company of Kearny Bank which operates from its administrative headquarters in Fairfield, Ne...

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