Kearny Financial Corp., the holding company for Kearny Bank has announced that it will acquire Clifton Bancorp Inc., the holding company for Clifton Savings Bank. The transaction is valued at an estimated $408 million. With the addition of 12 branches throughout Bergen, Passaic, Hudson and Essex Counties, the merger will enhance Kearny’s footprint across the northern New Jersey markets. The combined company is expected to have approximately $6.5 billion of assets, $4.4 billion of loans and $3.9 billion of deposits.
“I am pleased to announce the strategic combination of these two strong New Jersey based community banks,” said Craig L. Montanaro, President and Chief Executive Officer of Kearny Bank. “We believe that this partnership is an excellent fit from both a cultural and operating model perspective. Together, the combined company provides for an enhanced customer experience through an expanded branch and ATM network, more diverse products and services and strengthened ties to our communities through the financial support of the Kearny Bank Foundation.”
“Kearny is an excellent partner for CSBK,” said Paul M. Aguggia, President and Chief Executive Officer of CSBK. “We believe that this strategic combination creates a stronger organization that will benefit our customers and create opportunities for our employees. We are proud of the value that we have delivered to our shareholders since our second-step conversion and are excited by the prospects for the combined company.”
The merger is expected to close late in the first calendar quarter of 2018. At that time, Mr. Aguggia and two other members of the Board of Directors of CSBK will join the Board of Directors of both Kearny and Kearny Bank.