has merged with
Manasquan Bank announces definitive agreement with Metuchen Savings Bank
May 24, 2018 / Manasquan, NJ and Metuchen, NJ – MB Mutual Holding Company, the holding company for MB Bancorp, Inc. and Manasquan Bank (collectively referred to herein as “Manasquan”), and Metuchen, MHC, the holding company for Metuchen Bancorp, Inc. and Metuchen Savings Bank (collectively referred to herein as “Metuchen”), announced today that the companies have entered into a definitive agreement pursuant to which the two parent mutual holding companies and parent holding companies will merge.
Manasquan Bank currently has 10 locations throughout Monmouth and Ocean Counties and brings 144 years of expertise, commitment and heritage to the markets it serves. At March 31, 2018 Manasquan Bank’s total assets were $1.26 billion. Metuchen Savings Bank’s total assets, at March 31, 2018, were $260 million. Following the merger, MB Mutual Holding Company will have over $1.5 billion in total assets and approximately $160 million in total equity, and the branch network will expand into Middlesex County.
“The partnership between Manasquan and Metuchen represents a strong financial, strategic and cultural fit. The merger enhances both banks’ presence within the State of New Jersey. With Manasquan Bank and Metuchen Savings Bank operating independently, customers will continue to be provided with the excellent service and convenience that they value,” said James Vaccaro, Chairman, President and CEO of Manasquan Bank. Mr. 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.
Commenting on the partnership, Victor M. Richel, Chairman of Metuchen Savings Bank said, “We are very pleased to join with Manasquan Bank in developing a stronger community-focused bank that will be able to better serve all of our customers in Monmouth, Ocean and Middlesex Counties. Metuchen Savings has a rich history in Middlesex County, beginning in 1897, and developed under the dynamic leadership of Martin D. Jessen, our former Chairman and Katherine J. Liseno, President and CEO. Marty and Kathy, together with past and current Board Members, had a vision for excellence in service, staffing and community involvement, and I am pleased that Manasquan shares the same philosophy.”
Ms. 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. Mr. Richel will be appointed as 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.