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BRIEF-Kearny Financial announces merger with Clifton Bancorp for ‍$408 million​
November 1, 2017 / 11:03 PM / 21 days ago

BRIEF-Kearny Financial announces merger with Clifton Bancorp for ‍$408 million​

Nov 1 (Reuters) - Kearny Financial Corp -

* Kearny financial corp. Announces merger with Clifton Bancorp Inc.

* Deal for ‍$408 million​

* Deal for ‍approximately $18.25 per Clifton Bancorp​ share

* ‍Agreement has been unanimously approved by boards of directors of both companies​

* Deal is expected to be accretive to Kearny’s fiscal 2019 earnings per share by approximately 40 pct​

* ‍Upon closing of deal, co’s shareholders will own about 76% of combined co & Clifton shareholders will own about 24% of combined co

* Tangible book value dilution related to deal is expected to be about 2.3%, with an earn-back period of about 2.4 years​ Source text for Eikon: Further company coverage:

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