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About Manasquan Bank

Since 1874, Manasquan Bank has been a big part of their communities, helping them grow and prosper with mortgages, construction loans, business loans, and everyday banking like checking and savings accounts. As technology has evolved, so have traditional banking capabilities.

 

Who is Manasquan Bank?Manasquan Logo

Manasquan is a full service, Community Bank established in 1874 as Squan Village Building & Loan Association. Like Metuchen Savings Bank, Manasquan is a Mutual Bank. 
About Manasquan

Where is Manasquan Located?

Manasquan Bank is headquartered in Wall Township, NJ and currently operates out of ten branch facilities located in Northern Ocean and Southern Monmouth counties. Manasquan has assets of approximately $1.3 billion and currently employs approximately 160 associates.

What is the culture/philosophy of Manasquan Bank?

Manasquan Bank operates under a fundamental Statement of Beliefs:

  • Manasquan Bank (“MB”) believes in always being a customer centric organization, recognizing that there are market choices and differentiation that occurs through product and service delivery, utilizing a variety of alternative delivery service models.
  • MB believes in meritocracy where its employees are a valued resource. Employees are rewarded based on contribution to the organization’s health and well-being as measured financially, socially, culturally and from a community based perspective.
  • MB believes that it is imperative to continually strive towards being the essential player in the community banking arena.
  • MB believes that durability results from fostering long term banking relationships rather than simply conducting financial transactions.
  • MB believes that community investment and support through its Foundation, volunteer activities and financial activities are all an integral part of the core of the enterprise.
  • MB believes that in order to deliver on each of our tenets in the belief statements we must promote careful, rational, profitable, controlled strategic growth and financial discipline.

What precipitated the Merger Agreement?

Metuchen Savings Bank and Manasquan Bank are “like-minded” community banking institutions who share the same values of excellence in service, staffing and community involvement. Combined, the two organizations will be able to leverage their combined expertise, capital, technology and Human Resources to better serve the banking requirements of the respective markets. The opportunity to partner with Manasquan will enhance products, services and delivery channels to Metuchen Savings’ customers. It will also expand services to the existing customer base who live in the greater Middlesex County area and vacation at the Jersey Shore.

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How is the Merger Transaction Structured?

The Merger Transaction has been structured as a two-step process:

  • Following the signing of the Definitive Agreement on May 24, 2018, application will be made to the regulatory authorities to permit the merger of Metuchen Savings Bank (and it’s Holding Company: into the Holding Company of Manasquan Bank. Upon Regulatory approval and transaction closing Manasquan Bank’s Holding Company will be the Parent company of the two independent Banking Subsidiaries, Metuchen Savings Bank and Manasquan Bank.
  • Subsequent to the transaction, the Banks will operate independently and maintain their individual identity for a period of up to two years. Ultimately, Metuchen Savings Bank will then be merged into Manasquan Bank.

During that “interim” up to two-year period will Metuchen customers be able to bank at Manasquan Bank and vice versa?

During this period neither customer base will have the ability to conduct their current banking transactions at the other institutions. There will be no changes in the way you currently conduct your banking. There may be opportunities during the “interim” period for Metuchen Savings Bank and Manasquan Bank to engage in financial transactions (i.e. loan participations, deposits, borrowings, etc.)

How is the “up to two-year period” determined?

Both organizations need to mutually agree relative to the timing of the merger of the two Banks. The main goal is to have a seamless, transparent and efficient merger that can best serve our valued customers under a single Banking Platform.

Are you remaining on Main Street?

Yes, we will continue to maintain a branch location on Main Street in downtown Metuchen.

Are you changing the Bank’s name?

Metuchen Savings Bank’s name will remain the same during our transition period. Beyond that period it has not yet been determined.

Is Manasquan Bank a stock bank?

Manasquan Bank is a Mutual Bank (and will remain a Mutual Bank after the proposed transaction) just like Metuchen Savings Bank.

What will happen to the staff?

Metuchen’s employees will remain as such and be integrated into Manasquan Bank, when the banks complete the merger.

Why is Metuchen Savings Bank doing this?

Metuchen Savings Bank doesn’t want to miss this wonderful opportunity to partner with a financial institution that shares our values and will continue our legacy of excellence in service, staffing, enhanced products and community involvement.

 

 

 

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