MB Mutual Holding Company, the holding company for MB Bancorp, Inc. and Manasquan Bank; and Metuchen, MHC, the holding company for Metuchen Bancorp, Inc. and Metuchen Savings Bank, announced the companies have entered into a definitive agreement pursuant to which the two parent mutual holding companies and parent holding companies will merge.
Metuchen, MHC, will merge with and into MB Mutual Holding Company, and Metuchen Bancorp, Inc., will merge with and into MB Bancorp, Inc.
Manasquan Bank and Metuchen Savings Bank will continue to exist as separate, wholly-owned subsidiaries of MB Bancorp, Inc. for a period of time, until the two subsidiary banks agree to merge within a two-year time period, whereupon Manasquan Bank will be the continuing entity.
Subject to regulatory approval, the transaction is expected to close during the fourth quarter of 2018.
Manasquan Bank currently has 10 locations throughout Monmouth and Ocean counties and brings 144 years of experience to the markets it serves. Metuchen has 121 years of service with the Borough of Metuchen and its surrounding communities.
James Vaccaro will continue to serve as chairman, CEO and president of MB Mutual Holding Company, the parent company of the combined entities, and maintain those same positions with both MB Bancorp, Inc. and Manasquan Bank. James M. Manser will continue in his role as leaddDirector for MB Mutual Holding Company, MB Bancorp and Manasquan Bank.
Katherine Liseno will continue as president of Metuchen Savings Bank. The Board of Directors of Metuchen Savings Bank will consist of the existing Board members and three additional individuals chosen by Manasquan. Victor M. Richel will be appointed vice chair of MB Mutual Holding Company and director of both MB Bancorp, Inc. and Manasquan Bank. Additionally, two other existing Metuchen directors will be named to the Boards of MB Mutual Holding Company, MB Bancorp, Inc. and Manasquan Bank.
Sandler O’Neill + Partners, L.P. and Jones Walker LLP, Washington, DC, served as financial advisor and legal advisor, respectively, to Manasquan. The Kafafian Group and McCarter & English, LLP served as financial advisor and legal advisor, respectively, to Metuchen.