Kearny Financial Corp. Completes Merger with Clifton Bancorp Inc.
02 4월 2018 - 8:00PM
Kearny Financial Corp. (Nasdaq:KRNY) (“Kearny”), the holding
company for Kearny Bank, announced today the successful closing of
the previously announced acquisition of Clifton Bancorp Inc.
(Nasdaq:CSBK) (“Clifton”) and its Clifton Savings Bank subsidiary.
Under the terms of the merger agreement, each outstanding share
of Clifton common stock was exchanged for 1.191 shares of Kearny
common stock together with cash in lieu of any fractional shares
equivalent to $13.24 per whole share of Kearny. The merger
will enhance Kearny’s footprint across dynamic and desirable
northern New Jersey markets, and be significantly accretive to
future earnings per share. Kearny now has 54 full service
banking locations across New Jersey. At December 31, 2017,
Clifton Bancorp Inc. had approximately $1.67 billion in total
assets.
“We are excited about the opportunity to expand into a number of
new marketplaces in northern New Jersey while continuing to support
our long term strategic growth and diversification plans over the
coming years. We welcome the customers, employees, and
shareholders of CSBK to the Kearny family,” said Craig L.
Montanaro, President and CEO of Kearny Bank.
Keefe, Bruyette & Woods, Inc. served as financial advisor to
Kearny, and Luse Gorman, PC served as its legal counsel.
Sandler O’Neill + Partners, L.P. served as financial advisor to
Clifton, and Kilpatrick Townsend & Stockton LLP served as its
legal counsel.
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.
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 Clifton, including anticipated future results, cost savings and
accretion to reported earnings that may be realized from the
merger; (ii) Kearny and Clifton’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 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
net 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 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 any person acting on their
behalf are expressly qualified in their entirety by the cautionary
statements above. Except as required by law, Kearny does 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. (MM) (NASDAQ:CSBK)
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부터 5월(5) 2024 으로 6월(6) 2024
Clifton Bancorp Inc. (MM) (NASDAQ:CSBK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024