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Slide #20. Kearny Federal Savings Bank — Atlas Bank
Kearny Federal Savings Bank (NASDAQ:KRNY)
Kearny Financial Corp. (NASDAQ: KRNY) (the "Company"), the holding company for Kearny Federal Savings Bank ("Kearny") and Atlas Bank ("Atlas"), today announced the execution of a merger agreement pursuant to which Atlas will merge with and into Kearny. The acquisition will add Atlas's offices in Brooklyn and Staten Island, New York to Kearny's 41 branch network located throughout northern and central New Jersey. Atlas's existing branch offices are expected to operate under the name, "Atlas Bank, a division of Kearny Federal Savings Bank," for at least a year following the merger.
Kearny Financial is a savings and loan holding company. Through its subsidiary, Kearny Bank, Co. is principally engaged in the business of accepting deposits from the general public in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Co.'s loan portfolio is primarily comprised of loans collateralized by commercial and residential real estate augmented by secured and unsecured loans to businesses and consumers. Co.'s deposit products include interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts and certificates of deposit accounts.
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Strong Buy (4.00 out of 4)