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Kearny Financial Corp. Completes Acquisition of MSB Financial Corp.
FAIRFIELD, N.J., July 13, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (Nasdaq: KRNY) (“Kearny”), the holding company for Kearny Bank, announced today the
About this update from Kearny Financial
[{"type":"text","content":"FAIRFIELD, N.J., July 13, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (Nasdaq: KRNY) (“Kearny”), the holding company for Kearny Bank, announced today the successful closing of its previously announced acquisition of MSB Financial Corp. (Nasdaq: MSBF) (“MSB”) and its subsidiary, Millington Bank, on July 10, 2020.\n Under the terms of the merger agreement, each outstanding share of MSB common stock will be exchanged for 1.3 shares of KRNY common stock or $18.00 in cash, subject to proration ensuring that, in the aggregate, 10% of MSB shares are converted into cash and 90% of MSB shares are converted into Kearny stock. The merger will enhance Kearny’s branch footprint further westward into Somerset and Morris Counties, two very desirable markets in northern New Jersey. Kearny now has 51 full-service banking locations across New Jersey and Brooklyn and Staten Island, New York, and approximately $7.37 billion in assets. Craig L. Montanaro, President and Chief Executive Officer of Kearny, stated, “We are excited about expanding into new markets and share a strong commitment to the clients and communities that we serve. With our expanded product suite and focus on digital technologies, we believe that the combined institution is well positioned to maximize long-term value for our clients, employees and shareholders.” 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 MSB, and Jones Walker LLP served as its legal counsel. About Kearny Financial Corp. Kearny Financial Corp. is the parent company of Kearny Bank which operates from its administrative headquarters in Fairfield, New Jersey, and a total of 51 retail branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York. At March 31, 2020, Kearny Financial Corp. had approximately $6.8 billion in total assets. Kearny Bank was recently named to Forbes’ list of 100 Fastest Growing Companies. Forward Looking Statements This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the merger between Kearny and MSB, including anticipated future results, cos...