The two banks’ holding companies announced their merger in a news release, with the two subsidiary banks combining within a two-year period as Manasquan Bank. Under the agreement, Metuchen MHC and its subsidiary Metuchen Bancorp Inc. would merge into MB Mutual Holding Co. and MB Bancorp Inc., respectively.
The two bank brands then would continue to operate as separate, wholly owned subsidiaries of MB Bancorp Inc., until their merger was completed.
“The partnership between Manasquan and Metuchen represents a strong financial, strategic and cultural fit,” James Vaccaro, Manasquan’s chairman, CEO and president, said in a prepared statement. “The merger enhances both banks’ presence within the state of New Jersey. With Manasquan Bank and Metuchen Savings Bank operating independently, customers will continue to be provided with the excellent service and convenience that they value.”
Vaccaro will continue to serve in his current roles with MB Mutual Holding Co., MB Bancorp Inc. and Manasquan Bank.
“We are very pleased to join with Manasquan Bank in developing a stronger community-focused bank that will be able to better serve all of our customers in Monmouth, Ocean and Middlesex counties,” Victor M. Richel, Metuchen’s chairman, said in a statement.
Richel will become vice chair of MB Mutual Holding Co. and a director of both MB Bancorp Inc. and Manasquan Bank. Katherine Liseno, Metuchen’s CEO and president, will remain president of Metuchen Savings Bank.
Following the merger, MB Mutual Holding Co. would have more than $1.5 billion in total assets.
The transaction is expected to close in the fourth quarter, subject to customary approvals and conditions. Financial terms were not disclosed.
Wall-based Manasquan Bank currently has 10 locations in Monmouth and Ocean counties, while Metuchen Savings Bank has a full-service office and related facilities in the borough.
Sandler O’Neill + Partners L.P. and Jones Walker LLP served as Manasquan’s financial and legal advisers, respectively. The Kafafian Group and McCarter & English LLP served in those respective roles for Metuchen.