Kearny Federal Savings to Acquire Atlas Bank

On Feb 20, 2014

Fairfield-based Kearny Financial Corporation, the holding company for Kearny Federal Savings Bank and Atlas Bank, announced the execution of a merger agreement pursuant to which Atlas will merge with and into Kearny. The acquisition will add Atlas’s offices in Brooklyn and Staten Island, New York to Kearny’s 41 branch network located throughout nine New Jersey counties. Atlas’s existing branch offices are expected to operate under the name, “Atlas Bank, a division of Kearny Federal Savings,” for at least a year following the merger.

“We are extremely excited about our partnership with Atlas Bank. While we have had a lending presence in the Brooklyn and Staten Island markets, this transaction provides us with an excellent platform to further grow and diversify our franchise there,” Craig Montanaro, President & CEO of Kearny Federal said.

“We feel strongly that this merger is an excellent opportunity for us to expand and enhance the financial products and services available to our customers and the communities we serve. Partnering with Kearny will allow us to continue providing our customers with a high level of personalized service and local decision-making while preserving our values and community bank culture”, Danuta Sieminski, President of Atlas Bank added.

The transaction, which has been approved by the boards of directors of both Atlas and Kearny Federal, is expected to close in the second or third quarter of 2014. The transaction is subject to certain conditions, including approval by Atlas’s depositors and customary regulatory approvals.

Kearny Federal Savings Bank, a federally-chartered stock savings bank, has supported the communities it serves since 1884. The Bank has assets of $3.2 billion and operates 41 full-service banking offices in Bergen, Hudson, Morris, Passaic, Middlesex, Essex, Union, Monmouth and Ocean counties.