MB Mutual Holding Company (“MB MHC”), the holding company for MB Bancorp, Inc. (“MB Bancorp”) and Manasquan Bank, completed its previously announced merger of Metuchen, MHC, the holding company for Metuchen Bancorp, Inc. and Metuchen Savings Bank, with and into MB MHC, effective on Oct. 31.
Pursuant to the terms of the agreement and plan of merger dated May 24, Metuchen
Bancorp, Inc. and Metuchen Savings Bank, Metuchen, MHC, merged with and into MB MHC,
and Metuchen Bancorp, Inc., merged with and into MB Bancorp.
Manasquan Bank and Metuchen Savings Bank will continue to exist as separate, wholly-owned subsidiaries of MB Bancorp for a period of time, after which the two subsidiary banks will merge, with Manasquan Bank the continuing entity in the merger.
It has been recently agreed that the two subsidiary banks will merge, subject to regulatory approval, during the second quarter of 2019.
James S. Vaccaro will continue to serve as chairman, CEO and president of MB MHC, the parent company of the combined entities, and maintain those same positions with both MB Bancorp and Manasquan Bank.
James M. Manser will continue in his role as lead director for MB MHC, MB Bancorp and Manasquan Bank.
Victor M. Richel, chairman of Metuchen Savings Bank, has been appointed as vice chair of
MB MHC, and as a director of both MB Bancorp and Manasquan Bank.
Katherine Liseno will continue as president of Metuchen Savings Bank and will be appointed as a director of Manasquan Bank.
The Board of Directors of Metuchen Savings Bank will consist of the existing members and current Manasquan Bank Directors James M. Manser, Ann L. Noble and Andy Sisti.
Additionally, Gary Horan and Janine Akey, existing Metuchen directors, have
been appointed to the boards of MB MHC and MB Bancorp.
Akey has also been appointed to the board of Manasquan Bank.
Manasquan Bank currently has 10 locations throughout Monmouth and Ocean counties and
144 years of expertise. Metuchen Savings Bank has 121 years of service and involvement with the Borough of Metuchen and its surrounding communities.
As a result of the merger, MB MHC now has more than $1.5 billion in total assets and approximately $160 million in total equity, and the branch network has expanded into Middlesex County.
For more information, visit manasquanbank.com or call 844-626-2265.
