Brand
We mean business
Comprehensive legal services for businesses
in New Jersey and New York
Best Lawyers | Best Law Firms | U.S.News & world report | 2021
Richard J. Lambert was named by Best Lawyers® as a 2021 Corporate Law “Lawyer of the Year.”

Best Lawyers® is the oldest and most respected peer-review publication in the legal profession. Only one lawyer in each practice area in a given community is honored as “Lawyer of the Year.”

top-contextual
comprehensive legal services for businesses

Kearny Financial to Acquire Central Jersey Bank

On Tuesday, it was announced that Kearny Financial Corp. will acquire Central Jersey Bancorp for $72.3 million. Kearny Financial Corp will pay in cash. The transaction between the two companies is pending approval by regulators and shareholders.

Five months ago, Ocean Township-based Central Jersey Bancorp nearly merged with Toms River-based OceanFirst Financial Corp. The deal was valued at $68.4 million, but the merger fell apart because the companies were tired of waiting for regulatory approval. At the time, Central Jersey Bancorp was not as financially stable as OceanFirst investors would have liked. Since the failed merger, however, Central Jersey Bancorp has markedly improved its numbers.

A year ago, Central Jersey Bancorp had a first-quarter net income of $125,000, or one cent per share. This year, Central Jersey Bancorp reported a first-quarter income of $554,000, or 6 cents per share. Its delinquent loans, which peaked in September 2009, have decreased by 47 percent.

The acquisition will give the parent company of Kearny Federal Savings Bank (based in Fairfield, New Jersey) 13 more branches in Monmouth and Ocean counties. The acquired branches will operate as “Central Jersey Bank, a division of Kearny Federal Savings Bank.”

 

Related Resources:

  • Kearny Financial buying Central Jersey Bank for $73.2M (Asbury Park Press)

Office Location

Dunn Lambert, LLC
1740 Broadway, 15th Floor
New York, NY 10019

Paramus Law Office Map

Dunn Lambert, LLC


New York Law Office Map


Phone: 551-228-2690
Fax: 201-957-0874

Phone:
Fax:
Best Lawyers | Best Law Firms | U.S.News & world report | 2021

GET ANSWERS from a firm
with a sense of business.

Archives

Review US
FindLaw Network