Click here for M & A History.

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Kearny Financial Corp.
Actual Acquirer:
Kearny Financial Corp.
Target:
MSB Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/18/2019
Announcement Date:
12/18/2019
Announced Deal Value ($ M):
95.66
Status:
Completed
Completion Date:
7/10/2020
Announced Deal Value Per Share ($ )
18.29

Consideration Breakout
Cash ($M) 9.3
Common Stock ($M) 45.4
Common Stock Issued 5,853,811

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 150.8 84.3
Price / Tangible Book (%) 150.8 84.3
Price / Earnings (x) 22.9 12.9
Price / Deposits (%) 20.09 12.41
Price / Assets (%) 16.21 9.27
Tangible Book Premium/ Deposits (%) 8.83 (2.72)
Deal Terms
Description of Consideration

Kearny Financial Corp. paid $18.00 per share in cash or exchanged 1.3 shares of its common stock for each outstanding share of MSB Financial Corp., subject to 90% of the consideration being paid in stock. In addition to this, MSB Financial Corp. also paid a special cash dividend of $0.22 per share to its own shareholders.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 5,300
Est. Restructuring Charges ($ 000) 9,200
Maximum Termination Fee ($ 000) 3,540
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.300000
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) 7,378
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes PNC FIG Advisory Inc.
Seller Yes FinPro Capital Advisors Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Jones Walker LLP