NAUGATUCK, CT / ACCESSWIRE / July 1, 2022 / Connecticut-based Ion Financial, MHC, parent company of Ion Bank, announced today the successful closing of its previously announced merger with New Jersey-based Lincoln Park Bancorp, MHC, the mutual holding company of Lincoln Park Bancorp, the parent company of Lincoln 1st Bank. Pursuant to the merger, Lincoln Park Bancorp was merged with Ion Financial, MHC, and Lincoln 1st Bank was merged with Ion Bank. As a result of with the completion of the mergers, Lincoln Park Bancorp, MHC will be dissolved.
Upon completion of the mergers, Philip B. Vaz, former Acting President and Chief Operating Officer of Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank, joined Ion Bank as its New Jersey Regional President. Additionally, David F. Scelba, a former director of Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank, was appointed to the Board of Trustees of Ion Financial, MHC and the Board of Directors of Ion Bank.
"We would like to extend a warm welcome to the customers and employees of Lincoln 1st Bank. Our merged organizations provide customers access to unique products and services, and we look forward to building a strong future with Ion Bank and Lincoln 1st Bank together as one," said Ion Bank President and Chief Executive Officer, David J. Rotatori.
"We're proud of what Lincoln 1st Bank has been able to accomplish and excited to join forces with an institution that shares the same commitment and focus that Lincoln 1st Bank had for its customers," said Philip B. Vaz.
Under the terms of the merger agreement, the minority stockholders of Lincoln Park Bancorp (stockholders other than Lincoln Park Bancorp, MHC) received $10.10 in cash in exchange for each share of Lincoln Park Bancorp common stock, for a transaction valued in aggregate at approximately $7.5 million to the minority shareholders.
The merger expands Ion Bank's presence into Northern New Jersey. The combined company has approximately $2.0 billion in assets as a result of the merger.
Hogan Lovells US LLP served as legal counsel to Ion Financial, MHC and Ion Bank. Piper Sandler & Co. served as financial advisor to Lincoln Park Bancorp and provided a fairness opinion to its board of directors. Luse Gorman, PC served as legal counsel to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank.
This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. These forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and this statement is included for purposes of complying with these safe harbor provisions. Readers should not place undue reliance on such forward-looking statements, which speak only as of the date made. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of various factors, including, among others: (1) costs or difficulties related to the integration of the business following the merger; (2) the risk that the anticipated benefits, cost savings and any other savings from the transaction may not be fully realized or may take longer than expected to realize; (3) changes in general business, industry or economic conditions or competition; (4) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (5) adverse changes or conditions in the capital and financial markets; (6) changes in interest rates or credit availability; (7) changes in the quality or composition of loan and investment portfolios; (8) adequacy of loan loss reserves and changes in loan default and charge-off rates; (9) increased competition and its effect on pricing, spending, third-party relationships and revenues; (10) loss of certain key officers; (11) continued relationships with major customers; (12) deposit attrition, necessitating increased borrowings to fund loans and investments; (13) rapidly changing technology; (14) unanticipated regulatory or judicial proceedings and liabilities and other costs; (15) changes in the cost of funds, demand for loan products or demand for financial services; and (16) other economic, competitive, governmental or technological factors affecting operations, markets, products, services and prices.
The foregoing list should not be construed as exhaustive, and Ion Financial, MHC and Lincoln Park Bancorp undertake no obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.
About Ion Bank
Ion Bank, with more than $1.8 billion in assets, offers financial advisory services and retail banking to consumers as well as comprehensive commercial, corporate and small business banking services to businesses. Ion Bank was founded in 1870 and has 19 branches in Connecticut and two branches in New Jersey, and is on the Web at www.ionbank.com. Since its inception in 1998, the Ion Bank Foundation has invested more than $10 million into the community through grants for purposes ranging from improving social services to enhancing the arts.
David Rotatori, Ion Bank
DRotatori@ionbank.com or 203.729.4442
SOURCE: Lincoln Park Bancorp
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