has merged with
Llewellyn-Edison Savings Bank to merge into Glen Rock Savings Bank
March 12, 2015 / Glen Rock, NJ – The boards of Glen Rock, New Jersey-based Glen Rock Savings Bank ($135.8 million) and West Orange, New Jersey-based Llewellyn-Edison Savings Bank FSB ($121.9 million) approved an agreement pursuant to which Llewellyn-Edison Savings Bank will be merged into Glen Rock Savings Bank, according to a March 12 news release.
No consideration will be exchanged as this is a merger of mutuals.
The combination of the two organizations will create a mutual savings bank with assets in excess of $257 million, deposits of $205 million, loans of $139 million, total capital expected to exceed $34 million and seven banking locations.
Under the terms of the merger agreement, three members of Llewellyn-Edison Savings Bank’s board will join Glen Rock Savings Bank’s board of directors. Henry Ingrassia will continue in his role as president and CEO of Glen Rock Savings Bank, and James Smith Sr., current president and CEO of Llewellyn-Edison Savings Bank, will join Glen Rock Savings Bank’s executive team.
The merger is expected to be consummated by year-end, subject to customary regulatory approvals.