Ion Financial, MHC and Lincoln Park Bancorp Announce Receipt of Requisite Regulatory and Stockholder Approvals to Complete Merger

Rhea-AI Summary

Ion Financial and Lincoln Park Bancorp have received all necessary regulatory approvals to proceed with their merger, expected to finalize on July 1, 2022. Lincoln Park Bancorp's stockholders approved the merger during a Special Meeting held on June 15, 2022. Ion Bank, with over $1.7 billion in assets, provides a comprehensive range of financial services, while Lincoln 1st Bank operates two branches in New Jersey. Legal counsel for both parties includes Hogan Lovells and Luse Gorman. The announcement emphasizes the merger's significance for business expansion and service enhancement.

Positive

• Merger completion expected on July 1, 2022, enhancing market position.
• Increased assets with Ion Bank having over $1.7 billion.
• Broader service offerings combining resources from both banks.

Negative

• Potential risks associated with satisfying closing conditions.
• Market uncertainty post-merger may affect stock performance.

NAUGATUCK, CT and PINE BROOK, NJ / ACCESSWIRE / June 22, 2022 / Connecticut-based Ion Financial, MHC, parent company of Ion Bank, and New Jersey-based Lincoln Park Bancorp, the holding company of Lincoln 1^st Bank, today jointly announced they have received all requisite regulatory approvals to complete their merger. In addition, Lincoln Park Bancorp's stockholders approved the merger at a Special Meeting of Stockholders held on June 15, 2022. Subject to the satisfaction of other customary closing conditions, the parties expect to complete the merger on July 1, 2022.

Hogan Lovells US LLP is serving as legal counsel to Ion Financial, MHC and Ion Bank. Luse Gorman, PC is serving as legal counsel to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1^st Bank.

Forward-Looking Statements

This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. These forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and this statement is included for purposes of complying with these safe harbor provisions. Readers should not place undue reliance on such forward-looking statements, which speak only as of the date made. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of various factors, including, among others, the failure of the parties to satisfy all closing conditions in the merger agreement in a timely manner or at all. Ion Financial, MHC and Lincoln Park Bancorp undertake no obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

About Ion Bank

Ion Bank, with more than $1.7 billion in assets, offers financial advisory services and retail banking to consumers as well as comprehensive commercial, corporate and small business banking services to businesses. Ion Bank was founded in 1870 and has 19 branches in Connecticut and is on the Web at www.ionbank.com. Since its inception in 1998, the Ion Bank Foundation has invested more than $10 million into the community through grants for purposes ranging from improving social services to enhancing the arts.

About Lincoln 1st Bank

Lincoln 1st Bank is a wholly owned subsidiary of Lincoln Park Bancorp (OTC Pink Market: LPBC). Lincoln Park Bancorp is the majority-owned subsidiary of Lincoln Park Bancorp, MHC. Established in 1923 Lincoln 1st Bank provides a wide range of online and brick-and-mortar financial services. The bank offers mortgages, loans, and deposit products to support their community of retail and commercial customers. The bank's headquarters are located, in Pine Brook, New Jersey, and Lincoln 1st Bank operates two branch locations in Lincoln Park and Montville, New Jersey.

Contacts:

David Rotatori, Ion Bank
drotatori@ionbank.com

Philip B. Vaz, Lincoln 1st Bank
(862) 777-8548

SOURCE: Lincoln Park Bancorp

View source version on accesswire.com:
https://www.accesswire.com/706206/Ion-Financial-MHC-and-Lincoln-Park-Bancorp-Announce-Receipt-of-Requisite-Regulatory-and-Stockholder-Approvals-to-Complete-Merger

FAQ

What are the details of the merger between Ion Financial and Lincoln Park Bancorp?

The merger involves Ion Financial and Lincoln Park Bancorp, with completion expected on July 1, 2022, following all regulatory approvals and stockholder consent.

What is the expected impact of the Ion Financial and Lincoln Park Bancorp merger?

The merger aims to enhance market position, expand service offerings, and improve financial stability.

When did Lincoln Park Bancorp's stockholders approve the merger?

The stockholder approval took place at a Special Meeting on June 15, 2022.

What are the risks associated with the merger of LPBC?

Risks include the need to satisfy closing conditions timely, which could impact the merger's success and subsequent market performance.