On December 18, 2019, Kearny Financial Corp., Fairfield, New Jersey, and MSB Financial Corp., Millington, New Jersey, entered into a definitive merger agreement pursuant to which MSB will merge with and into Kearny, with Kearny as the resulting company. MSB shareholders will be eligible to elect to receive 1.3 shares of Kearny common stock or $18.00 in cash, subject to the overall requirement that, in the aggregate, 10% of MSB shares are converted into cash and 90% of MSB shares are converted into Kearny stock. The total merger consideration is approximately $94 million. As part of the merger, Millington Bank, the subsidiary of MSB, will merge with and into Kearny Bank, the subsidiary of Kearny.
This is Luse Gorman’s 21st bank merger transaction announced in 2019.
Kearny has approximately $6.6 billion in total assets and operates 49 full-service branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York.
MSB has approximately $591 million in total assets and operates four full-service branch offices located in northern New Jersey.