Ion Financial, MHC and Lincoln Park Bancorp Announce Receipt of Regulatory and Shareholder Approvals Required to Complete Merger
NAUGATUCK, CT and PINE BROOK, NJ/ACCESSWIRE/June 22, 2022/ Connecticut-based Ion Financial, MHC, the parent company of Ion Bank, and New Jersey-based Lincoln Park Bancorp, the holding company of Lincoln 1st Bank, announced today that they have received all necessary regulatory approvals to complete their merger. Additionally, Lincoln Park Bancorp shareholders approved the merger at a special meeting of shareholders 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 legal counsel to Ion Financial, MHC and Ion Bank. Luse Gorman, PC is General Counsel to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank.
This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Such 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 the purpose of conforming to those safe harbor provisions. Readers should not place undue reliance on these 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 a variety of factors, including, among others, the failure of the parties to satisfy all of the closing conditions of the merger agreement on a timely basis or at all. Ion Financial, MHC and Lincoln Park Bancorp undertake no obligation to subsequently revise 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 over $1.7 billion in assets, offers financial advisory and retail banking services to consumers as well as comprehensive corporate, corporate and small business banking services. 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 in 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 subsidiary of Lincoln Park Bancorp, MHC. Founded in 1923, Lincoln 1st Bank offers a wide range of online and physical financial services. The bank offers mortgages, loans and deposit products to support its community of retail and business customers. The bank’s headquarters are located in Pine Brook, New Jersey, and Lincoln 1st Bank operates two branches in Lincoln Park and Montville, New Jersey.
David Rotatori, Ion Bank
Philip B. Vaz, Lincoln 1st Bank
THE SOURCE: Lincoln Park Bancorp
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