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.
MB Mutual Holding Company Announces Completion of Merger
Manasquan, NJ, October 31, 2018 –MB Mutual Holding Company (“MB MHC”), the holding company for MB Bancorp, Inc. (“MB Bancorp”) and Manasquan Bank, announced today that it has completed its previously announced merger of Metuchen, MHC, the holding company for Metuchen Bancorp, Inc. and Metuchen Savings Bank, with and into MB MHC, effective October 31, 2018. Read more
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:
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.
How is the Merger Transaction Structured?
The Merger Transaction has been structured as a two-step process:
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.