GLEN ROCK, N.J. & WEST ORANGE, N.J.--(BUSINESS WIRE)--Glen Rock Savings Bank (“Glen Rock”) and Llewellyn-Edison Savings Bank, F.S.B. (“Llewellyn-Edison”) announced today that their respective Boards of Directors approved a merger agreement that will create a stronger community banking organization with greater resources and a larger branch footprint to better serve customers in today’s changing northern New Jersey financial services marketplace.
The strategic combination of two mutual organizations and long-standing members of the New Jersey financial institution community will create a mutual savings bank with assets in excess of $257 million, deposits of $205 million, loans of $139 million, total capital expected to exceed $34 million and seven banking locations.
Pursuant to the terms of the merger which are more fully described in the merger agreement, Llewellyn-Edison will be merged into Glen Rock. Henry Ingrassia, Glen Rock’s current President and CEO, will continue in that capacity. James D. “Jim” Smith, Sr., current President and CEO of Llewellyn-Edison, will join Glen Rock’s executive team.
In announcing the transaction, Henry Ingrassia, President and CEO of Glen Rock, said, “Our merger with Llewellyn-Edison Savings Bank allows Glen Rock Savings to extend our commitment to outstanding financial services to additional communities in northern New Jersey. Together with our new colleagues, we look forward to bringing even greater resources to an expanded customer base.”
“This combining of resources and shared mutuality speak to the kindred customer service philosophies of Glen Rock Savings and our team at Llewellyn-Edison Savings Bank,” stated Jim Smith, President and CEO of Llewellyn-Edison. “We look forward to working with Glen Rock Savings as we transition into a new era that will benefit each of the New Jersey communities we will serve.”
Under the terms of the merger agreement, three members of Llewellyn-Edison’s Board of Directors will join Glen Rock’s Board. The Merger is subject to customary regulatory approvals and it is anticipated that the transaction will be consummated by year-end 2015.
Luse Gorman, PC served as legal advisor to Glen Rock Savings Bank in this transaction and McCarter & English, LLP served as legal advisor to Llewellyn-Edison Savings Bank, F.S.B.
About Glen Rock Savings Bank
With three convenient, full-service branches in Glen Rock, Hawthorne and Wyckoff, Glen Rock Savings Bank serves the personal and commercial banking needs of customers throughout the northern New Jersey area. The Bank’s suite of products and services includes personal banking, mortgages, home equity loans and lines of credit, as well as commercial mortgages for multi-family/mixed-use properties.
For more information, including contact information for individual branches, visit www.glenrocksavings.com.
About Llewellyn-Edison Savings Bank, F.S.B.
Llewellyn-Edison Savings Bank was founded when a group of West Orange citizens met to organize a Building and Loan Association. With assets totaling over one million times its original receipts, today the bank maintains its tradition of helping West Orange, Livingston and Augusta, NJ grow. Llewellyn-Edison Savings Bank prides itself on matching its services to the needs of the communities it serves, frequently enhancing and expanding offerings to meet the changing needs of its customers.
For more information, including contact information for individual branches, visit www.llewellynedison.net.
This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Glen Rock and Llewellyn-Edison do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.