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Manasquan, N.J.-based MB Mutual Holding Co., holding company of MB Bancorp Inc. and Manasquan Bank, entered into a definitive agreement with Metuchen, N.J.-based Metuchen MHC, holding company of Metuchen Bancorp Inc. and Metuchen Savings Bank, according to which the two parent mutual holding companies and parent holding companies will merge.
Metuchen will merge into MB Mutual and Metuchen Bancorp will merge into MB Bancorp. Manasquan Bank and Metuchen Savings Bank will continue to exist as separate, wholly owned subsidiaries of MB Bancorp until the two subsidiaries agree to merge within a two-year time period, in which case Manasquan Bank will be the surviving entity.
The transaction, which...