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Deal Overview

Buyer:
Kearny Financial Corp. (MHC)
Actual Acquirer:
Kearny Financial Corp. (MHC)
Target:
Central Jersey Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
5/25/2010
Announcement Date:
5/25/2010
Announced Deal Value ($ M):
72.30
Status:
Completed
Completion Date:
11/30/2010
Announced Deal Value Per Share ($ )
7.50

Consideration Breakout
Cash ($M) 81.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 149.9 145.3
Price / Tangible Book (%) 153.0 147.7
Price / Earnings (x) NM 68.2
Price / Deposits (%) 15.85 17.66
Price / Assets (%) 12.66 14.18
Tangible Book Premium/ Deposits (%) 7.39 9.93
Deal Terms
Description of Consideration

Kearny Financial Corp. (MHC) paid $7.50 in cash for each outstanding share of Central Jersey Bancorp common stock. Central Jersey redeemed the 11,300 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A previously issued to the U.S. Treasury related to the TARP program. These preferred shares were converted into the right to receive the excess of the per share consideration over the per share exercise price of the warrant multiplied by the number of shares that might be purchased pursuant to the warrant.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 26,328
Estimated Cost Savings (%) 26.00
Estimated Cost Savings ($ 000) 11,121
Est. Restructuring Charges ($ 000) 214
Maximum Termination Fee ($ 000) 2,800
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 903
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes FinPro Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Spidi & Fisch PC
Seller Yes Giordano Halleran & Ciesla PC