Community Banking Merger: Kearny Financial Buys MSB Financial

December 20, 2019 | Community Banking, Insights, News
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The $94 million deal generated a 79% return for Banking on Profit readers.

Kearny Financial announced it will purchase MSB Financial, the holding company for Millington Bank, for approximately $94 million. The price will receive either 1.3 shares of KRNY common stock or $18.00 in cash.o

Only 10% of MSB financial shares will be eligible to receive cash. MSB Financial currently has $591 million of assets, $513 million of loans, and $476 million of deposits. Post-acquisition Kearny will have approximately $7.25 billion of assets, $5.1 billion of loans, and $4.67 billion of deposits with 52 full-service branch locations. The transaction allows Kearny to expand its presence in Somerset and Morris Counties which are two attractive markets in New Jersey.

“I am very pleased to announce our partnership with Millington Bank,” said Craig L. Montanaro, President and CEO of Kearny Financial.  “We are two strong community banks with well over two combined centuries of rich history serving our clients and the surrounding communities.  We welcome the Millington employees and clients and feel that our expanded product suite and focus on digital technologies will offer an opportunity to further grow the combined franchise which makes this a winning combination for all concerned.”

Kearny Financial Merger – Community Banking Winner No. 9

Meanwhile, this week’s acquisition of MSB Financial was the ninth takeover company from Tim Melvin’s Banking on Profit portfolio in 2019.

In fact, that position closed out with readers generating 79% on their position.

Since the inception of the Banking on Profit newsletter, Melvin has achieved annual returns in the double-digits.

In the last three years, Melvin’s portfolio has seen 33 takeovers, with 26 of them in the last 24 months. More important, his community banking letter has never experienced a losing position.

Even more incredible, on Thursday, MSB Financial was one of three portfolio takeovers in a week.

You can also get access to the Daily Alts Community Banking Letter for free until March. Authored by Tim Melvin, one of the world’s top community banking analysts, this newsletter contains monthly insight into the community banking space and a portfolio of stocks that are ripe for acquisition in 2020.

Sign up, right here. You’ll start receiving your two free months in January.

Related: Melvin: FDIC Quarterly Banking Profile for the Third Quarter

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