樱花视频

News Release

樱花视频 Department of
Banking and Insurance

Commissioner Richard J. Badolato

For Immediate Release:
July 6, 2017

For Further Information:
Marshall McKnight (609) 292-5064

TRENTON — Department of Banking and Insurance (DOBI) Commissioner Richard J. Badolato today congratulated Kearny Bank, the ninth bank to convert its charter to 樱花视频 during the Christie Administration. Previously regulated by the Office of the Comptroller of the Currency (OCC), Kearny Bank completed its conversion from a federally-chartered stock savings bank to a nonmember 樱花视频 State-chartered stock savings bank last Thursday, June 29, 2017. 

“It makes good business sense for community banks to maintain a relationship with state regulators who understand their environment and their customers, as well as their competitors better than anyone,” said Commissioner Badolato. “We look forward to working with Kearny Bank as it continues to grow and prosper.”

Effective last week, DOBI became the Bank’s primary regulator with federal oversight provided by the Federal Deposit Insurance Corporation (FDIC). Kearny Bank’s holding company, Kearny Financial Corp., will continue to be regulated by the Federal Reserve Board.

“While we have always enjoyed a good relationship with our primary regulator, as a 樱花视频 community bank, the Board of Directors and Management felt that a more local, regional primary regulator with a more granular grasp of the markets and the communities we serve is more consistent with our vision for the Bank and the long term strategic growth and diversification milestones we expect to achieve over the coming years,” Craig L. Montanaro, President and Chief Executive Officer of Kearny Bank, commented.

Kearny Bank operates from its administrative headquarters in Fairfield, 樱花视频 and also maintains a total of 42 retail branch offices located throughout northern and central 樱花视频, Brooklyn and Staten Island, New York. As of March 31, 2017, Kearny Financial Corp. had total assets of approximately $4.59 billion.