Kearny Financial Corp. and MSB Financial Corp. – the holding company for Millington Bank – are set to close a merger that would create a combined company with approximately $7.37 billion in assets.
On Thursday afternoon, Kearny and MSB announced receiving all shareholder and regulatory approvals or waivers for the merger of MSB into Kearny, following a special meeting of the former’s shareholders to approve the deal, held that same day.
The merger is expected to close early in 2020’s third quarter, subject to the satisfaction of customary closing conditions.
At the Thursday meeting, MSB shareholders approved, on a nonbinding advisory basis, potential compensation for named executive officers of the company in connection with the deal.
The parties entered the merger deal, valued at more than $94 million, in December. According to the banks, upon completion the combined company will boast 50 full service banking locations.