The transaction is expected to close during the fourth quarter.
Manasquan Bank and Metuchen Savings Bank will continue to exist as wholly owned subsidiaries of MB Bancorp until the subsidiary banks agree to merge, sometime within two years with Manasquan Bank as the continuing entity.
Manasquan Bank has 10 locations throughout Monmouth and Ocean Counties and total assets of $1.26 billion. Metuchen Savings Bank has $260 million in total assets. Following the merger, MB Mutual Holding Co. will have over $1.5 billion in total assets and approximately $160 million in total equity.
“The partnership between Manasquan and Metuchen represents a strong financial, strategic and cultural fit,” said James Vaccaro, CEO of Manasquan Bank.
Vaccaro will continue to serve as CEO of MB Mutual Holding Co., parent company of the combined entities, and at MB Bancorp, and Manasquan Bank. James Manser, lead director for MB Mutual Holding, MB Bancorp and Manasquan Bank, will continue in his role.
Katherine Liseno will continue as president of Metuchen Savings Bank, and the board of Metuchen Savings will consist of existing directors and three additional members chosen by Manasquan.