On November 23, 2021, Lincoln Park Bancorp, Pine Brook, New Jersey, announced the signing of a definitive merger agreement with Ion Financial, MHC, Naugatuck, Connecticut, pursuant to which Lincoln Park Bancorp will merge into Ion Financial, MHC and Lincoln 1st Bank, the subsidiary of Lincoln Park Bancorp, will merge into Ion Bank, the subsidiary of Ion Financial, MHC. Simultaneously with the closing of these mergers, Lincoln Park Bancorp, MHC will be dissolved. The transaction is valued at approximately $7.5 million to the minority shareholders of Lincoln Park Bancorp, subject to adjustment.
Lincoln 1st Bank has approximately $271.4 million in assets and has two banking offices in New Jersey.
Ion Bank has approximately $1.7 billion in assets and has 20 branches in Connecticut.
Luse Gorman is serving as legal counsel to Lincoln 1st Bank in the transaction. The Luse Gorman team consists of Larry Spaccasi, Victor Cangelosi, Beverly White and Babette Schwartz.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website