Kearny Financial Corp. and Clifton Bancorp Inc. Announce the Receipt of Regulatory Approvals for Acquisition
03 3월 2018 - 6:15AM
Kearny Financial Corp. (Nasdaq:KRNY) (“Kearny”) and Clifton Bancorp
Inc. (Nasdaq:CSBK) (“Clifton”) jointly announced that the parties
have received all the regulatory approvals or waivers necessary to
complete the merger of Clifton into Kearny. The parties previously
announced that shareholders of both companies approved the merger
at their respective shareholder meetings held on March 1, 2018. The
parties expect to close the merger in early April 2018, subject to
the satisfaction of customary closing conditions.
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; 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, or
Eric 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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