Kearny Bank completes takeover of Millington Bank

By ROI-NJ Staff
Fairfield | Jul 13, 2020 at 9:30 am

Kearny Financial Corp., the Fairfield-based parent of Kearny Bank, said Monday it has completed the acquisition of Long Hill-based MSB Financial Corp., the parent of Millington Bank.

The transaction, originally announced in December, was valued at $94 million. The merger deal helps Kearny grow in Somerset and Morris counties, giving it a total of 51 full-service branches in New Jersey and New York City.

“We are excited about expanding into new markets and share a strong commitment to the clients and communities that we serve,” Kearny CEO and President Craig L. Montanaro said in a prepared statement. “With our expanded product suite and focus on digital technologies, we believe that the combined institution is well-positioned to maximize long-term value for our clients, employees and stakeholders.”

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