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News Release

New Jersey Department of
Banking and Insurance

Commissioner Richard J. Badolato

For Immediate Release:
July 6, 2017

For Further Information:
Marshall McKnight (609) 292-5064

Christie Administration Congratulates Kearny Bank as it
Converts from a Federal to State Charter

TRENTON — Department of Banking and Insurance (DOBI) Commissioner Richard J. Badolato today congratulated Kearny Bank, the ninth bank to convert its charter to New Jersey during the Christie Administration. Previously regulated by the Office of the Comptroller of the Currency (OCC), Kearny Bank completed its conversion from a federally-chartered stock savings bank to a nonmember New Jersey State-chartered stock savings bank last Thursday, June 29, 2017. 

“It makes good business sense for community banks to maintain a relationship with state regulators who understand their environment and their customers, as well as their competitors better than anyone,” said Commissioner Badolato. “We look forward to working with Kearny Bank as it continues to grow and prosper.”

Effective last week, DOBI became the Bank’s primary regulator with federal oversight provided by the Federal Deposit Insurance Corporation (FDIC). Kearny Bank’s holding company, Kearny Financial Corp., will continue to be regulated by the Federal Reserve Board.

“While we have always enjoyed a good relationship with our primary regulator, as a New Jersey community bank, the Board of Directors and Management felt that a more local, regional primary regulator with a more granular grasp of the markets and the communities we serve is more consistent with our vision for the Bank and the long term strategic growth and diversification milestones we expect to achieve over the coming years,” Craig L. Montanaro, President and Chief Executive Officer of Kearny Bank, commented.

Kearny Bank operates from its administrative headquarters in Fairfield, New Jersey and also maintains a total of 42 retail branch offices located throughout northern and central New Jersey, Brooklyn and Staten Island, New York. As of March 31, 2017, Kearny Financial Corp. had total assets of approximately $4.59 billion.

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