Kearny - CSBK Merger
Authored a press release announcing Kearny Financial Corp.'s $6.5B merger with Clifton Bancorp Inc., highlighting the expanded branch footprint across northern New Jersey and the strategic benefits for customers, employees, and shareholders.
Kearny Financial Corp. (Nasdaq: KRNY), the holding company of Kearny Bank, and Clifton Bancorp Inc. (Nasdaq: CSBK), the holding company for Clifton Savings Bank (CSBK), have announced that the two companies have entered a definitive agreement that Kearny Financial Corp. will acquire CSBK in an all-stock transaction. The recent agreement comes shortly after CSBK became a public institution. The definitive agreement has been unanimously approved by the Board of Directors of each company. With the addition of 12 CSBK branches located throughout Bergen, Passaic, Hudson, and Essex Counties, the merger will enhance Kearny’s footprint across the desirable northern New Jersey markets. On a pro forma basis, as of September 30, 2017, the combined company is expected to have approximately $6.5 billion in assets, $4.4 billion in loans, and $3.9 billion in deposits.
Kearny Financial Corp. Announces Merger with Clifton Bancorp Inc.
“Kearny is an excellent partner for CSBK,” said Paul M. Aguggia, the acting President and CEO of CSBK. “We believe that this strategic combination creates a stronger organization that will benefit our customers and create opportunities for our employees. We are proud of the value that we have delivered to our shareholders since our second-step conversion and are excited by the prospects for the combined company.”
Subject to approval by each company’s shareholders, as well as regulatory approvals and other customary closing conditions, the transaction is currently expected to close late in the first calendar quarter of 2018. Effective at the closing of the transaction, Aguggia, Cynthia Sisco, and one other member of the Board of Directors of CSBK will join the Board of Directors of Kearny Bank. The members will respectively hold a three-year term expiring in 2020.
Additional Information About the Proposed Merger
Additional Information About the Proposed Merger and Where to Find It Investors and stockholders are urged to carefully review and consider each of Kearny’s and CSBK’s public filings with the SEC, including, but not limited to, their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K, and their Quarterly Reports on Form 10-Q. The documents filed by Kearny with the Securities and Exchange Commission (the “SEC”) can be obtained at the SEC’s website (www.sec.gov). You will also be able to obtain these documents, free of charge, from Kearny at www.kearnybank.com under the tab “Company Info” under “Investor Relations” or by requesting them in writing to Kearny Financial Corp., 120 Passaic Avenue, Fairfield, New Jersey 07004, Attention: Sharon Jones, or from CSBK at www.csbk.bank under the tab “About Us” under “Investor Relations” or by requesting them in writing to Clifton Bancorp Inc., 1433 Van Houten Avenue, Clifton, New Jersey 07015, Attention: Michael Lesler.