Under the agreement, Metuchen MHC and its subsidiary Metuchen Bancorp Inc. would merge into MB Mutual Holding Co. and MB Bancorp Inc., respectively.
Manasquan Bank and Metuchen Bank will continue to exist as separate, wholly-owned subsidiaries of MB Bancorp for a period of time, after which the two subsidiaries will merge and Manasquan Bank will continue on as the sole entity.
The merger is expected to be completed during the second quarter of 2019.
“Our merger with Metuchen has created a strong strategic and financial alliance and has enhanced our presence in the State of New Jersey. With Manasquan Bank and Metuchen Savings Bank operating independently as separate subsidiaries under MB Bancorp for a short period of time, customers of Metuchen Savings will continue to be provided with enhanced banking products, services and delivery channels,” James S. Vaccaro, chairman, CEO and president of Manasquan Bank. “We are very pleased to welcome Metuchen customers and employees to the Manasquan family of companies.”
Vaccaro will continue to serve as chairman, CEO and president of MB MHC, MB Bancorp and Manasquan Bank.
“Manasquan Bank’s great success throughout its history has been evidenced by its continued organic growth, fortress balance sheet and its consistent delivery of excellent operating results. We feel that this partnership with Metuchen Savings will not only enhance products, services and delivery channels to Metuchen Savings’ customers, but will further provide an opportunity for us to service our existing diverse retail and commercial customer base that lives in the greater Middlesex County area,” Vaccaro said.
James M. Manser will continue in his role as lead director for MB MHC, MB Bancorp and Manasquan Bank. Victor M. Richel, chairman of Metuchen Savings Bank, has been named vice chair of MB MHC and director of both MB Bancorp and Manasquan Bank. Katherine Liseno will continue as president of Metuchen Savings Bank and has been appointed as director of Mansquan Bank.
“We are very pleased to have joined with the Manasquan team and believe that combining our banks has created a stronger community-focused bank that will be able to better serve all of our customers in Monmouth, Ocean and Middlesex Counties,” Richel said.
Jones Walker LLP served as legal advisor to Manasquan and McCarter & English served as legal advisor to Metuchen. Sandler O’Neill + Partners L.P., served as financial advisor to Manasquan and the Kafafian Group served as financial advisor to Metuchen.