Kearny Bank and Millington Bank are pushing back the deadline for the latter’s shareholders to submit election materials.
In December, Kearny Financial Corp. and MSB Financial Corp., Millington’s holding company, entered a definitive merger agreement under which Kearny would acquire Millington in a deal valued at more than $94 million.
Due to delays in distribution, the election deadline for Millington shareholders to submit materials to Computershare Trust Co., the merger’s exchange agent, was extended from 5:00 p.m. EST on May 28, 2020, to 5:00 p.m. EST on June 15, 2020.
Millington shareholders will still vote on whether or not to approve the merger on May 28.
At the time the transaction was announced, the banks expected the deal, which was already approved by the boards of both institutions, to close in the second quarter of 2020.
Editor’s note: A previous version of this story indicated that the date for Millington Bank shareholders to approve its merger with Kearny Bank was being extended, that is not the case; the deadline extension is for shareholders to submit election materials. The post was updated at 4:02 p.m. EST on May 21, 2020.