Kearny Financial Corp. and Clifton Bancorp Inc. Announce the Receipt of Shareholder Approvals for Acquisition
02 3월 2018 - 11:00PM
Kearny Financial Corp. (Nasdaq:KRNY) (“Kearny”) and Clifton Bancorp
Inc. (Nasdaq:CSBK) (“Clifton”) jointly announced that the
shareholders of both companies overwhelmingly approved the
previously announced merger of Clifton with and into Kearny at
their respective shareholder meetings held on March 1, 2018.
The shareholders of Clifton also approved the non-binding proposal
with respect to the merger-related compensation payable to the
executive officers of Clifton. Subject to the receipt of the
required regulatory approvals and the satisfaction of customary
closing conditions, the parties expect to close the merger in early
April 2018.
The combined company is expected to have more than $6.5 billion
in assets and a network of 54 full service banking locations
operating across northern and central New Jersey.
About Kearny Financial Corp.
Kearny Financial Corp. is the parent company of Kearny
Bank. Kearny Bank operates from its administrative
headquarters in Fairfield, New Jersey, and a total of 42 retail
branch offices located throughout northern and central New Jersey
and Brooklyn and Staten Island, New York. At December 31,
2017, Kearny Financial Corp. had approximately $4.84 billion in
total assets.
About Clifton Bancorp Inc.
Clifton Bancorp Inc. is the holding company for CSBK (Clifton
Savings Bank), a federally chartered savings bank headquartered in
Clifton, New Jersey. CSBK is a metropolitan, community-focused bank
serving residents and businesses in its market area through 12
full-service banking centers. For additional investor relations
information, including subscribing to email alerts, visit
cliftonbancorp.com.
Forward Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements about (i) the benefits of the merger between Kearny
and CSBK, including anticipated future results, cost savings and
accretion to reported earnings that may be realized from the
merger; (ii) Kearny and CSBK’s plans, objectives, expectations and
intentions and other statements contained in this presentation that
are not historical facts; and (iii) other statements identified by
words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates” or words of similar meaning.
Annualized, pro forma, projected and estimated numbers are used for
illustrative purpose only, are not forecasts and may not reflect
actual results.
Forward-looking statements involve risks and uncertainties that
may cause actual results to differ materially from those in such
statements. The following factors, among others, could cause actual
results to differ materially from the anticipated results expressed
in the forward-looking statements: the businesses of Kearny and
Clifton may not be combined successfully, or such combination may
take longer than expected; the cost savings from the merger may not
be fully realized or may take longer than expected to be realized;
operating costs, customer loss and business disruption following
the merger may be greater than expected; governmental approvals of
the merger may not be obtained, or adverse regulatory conditions
may be imposed in connection with governmental approvals of the
merger or otherwise; the interest rate environment may further
compress margins and adversely affect new interest income; the
risks associated with continued diversification of assets and
adverse changes to credit quality; and difficulties associated with
achieving expected future financial results. Additional factors
that could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in
Kearny’s and CSBK’s reports (such as the Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K) filed with the Securities and Exchange Commission (the “SEC”)
and available at the SEC’s Internet website (www.sec.gov). All
subsequent written and oral forward-looking statements concerning
the proposed transaction or other matters attributable to Kearny or
Clifton or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
Except as required by law, Kearny and Clifton do not undertake any
obligation to update any forward-looking statement to reflect
circumstances or events that occur after the date the
forward-looking statement is made.
For further information, contact:
Kearny Financial Corp.Craig L. Montanaro, President and Chief
Executive Officer, orEric B. Heyer, Executive Vice President and
Chief Financial Officer(973) 244-4500
Clifton Bancorp Inc.Michael Lesler, Executive Vice President,
Chief Operating Officer and Corporate Secretary(973) 473-2200
Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
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Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
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