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Ion Bank Completes Merger with Lincoln 1st Bank

July 06, 2022, 07:15 AM
Filed Under: Mergers & Acquisitions

Connecticut-based Ion Financial, MHC, parent company of Ion Bank, announced 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 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.

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