Kearny completes Millington Bank acquisition

Linda Lindner//July 13, 2020//

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Kearny Financial Corp., the holding company for Kearny Bank, announced Monday it closed on its previously announced acquisition of MSB Financial Corp. and its subsidiary, Millington Bank, on July 10, 2020.

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 percent of MSB shares are converted into cash and 90 percent of MSB shares are converted into Kearny stock.

The merger will enhance Kearny’s branch footprint westward into Somerset and Morris counties.

Kearny now has 51 full-service banking locations across New Jersey and Brooklyn and Staten Island, N.Y., and approximately $7.37 billion in assets.

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.