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Kearny Financial to buy Clifton Savings Bank for $408 million

Staff Writer | November 3, 2017
Kearny Financial Corp., the holding company for Kearny Bank, and Clifton Bancorp, the holding company for Clifton Savings Bank (CSBK), announced that the companies have entered into a definitive agreement for Kearny to acquire CSBK in an all-stock transaction.
Kearny Bank
Acquisition   CSBK will merge with and into Kearny
The definitive agreement has been unanimously approved by the Boards of Directors of both companies.

Under the terms of the agreement, CSBK will merge with and into Kearny, and each outstanding share of CSBK common stock will be exchanged for 1.191 shares of KRNY common stock.

The transaction is valued at an estimated $408 million, or approximately $18.25 per CSBK share, based upon the 10 day volume-weighted average common stock price of $15.32 for Kearny Financial Corp. as of October 31, 2017.

Upon closing, Kearny shareholders will own approximately 76% of the combined company and CSBK shareholders will own approximately 24% of the combined company.

With the addition of 12 branches throughout Bergen, Passaic, Hudson, and Essex Counties, the merger will enhance Kearny’s footprint across dynamic and desirable northern New Jersey markets.

As of September 30, 2017, CSBK had approximately $1.6 billion of assets, $1.1 billion of loans, and $915 million of deposits.

On a pro forma basis, as of September 30, 2017, the combined company is expected to have approximately $6.5 billion of assets, $4.4 billion of loans, and $3.9 billion of deposits.