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Ion Financial has successfully completed its merger with Lincoln Park Bancorp, enhancing its presence in Northern New Jersey. Minority stockholders of Lincoln Park Bancorp received $10.10 per share, totaling approximately $7.5 million. The merger increases Ion Bank's assets to around $2.0 billion. Philip B. Vaz assumes the role of New Jersey Regional President, while David F. Scelba joins the Board of Directors. This strategic move aims to boost customer access to services and strengthen the organization's future.
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.
Lincoln Park Bancorp (OTC Pink Market: LPBC) reported a net loss of $1.2 million ($0.71 per diluted share) for 2021, an improvement from a $2.2 million loss in 2020. The fourth quarter loss narrowed to $339 thousand, down from $1.7 million in Q4 2020. The bank will merge with Ion Financial, with a fixed cash consideration of $10.10 per share. As of December 31, 2021, total assets decreased by 16.5% to $261.4 million, while total deposits fell by 22.2% to $176 million, attributed to strategic deposit runoff. The bank remains adequately capitalized per regulatory standards.
Ion Financial and Lincoln Park Bancorp have amended their merger agreement to fix the cash consideration at $10.10 per share, eliminating previous downward adjustments. This merger, anticipated to close in the third quarter of 2022, is subject to regulatory and stockholder approvals. Post-merger, the combined entity will hold approximately $2.0 billion in assets. A special meeting for stockholders to vote on this merger is scheduled for June 15, 2022.
Ion Bank to Expand Its Footprint into New Jersey
Ion Financial, MHC and Lincoln Park Bancorp announced a definitive agreement to merge, with Lincoln Park Bancorp to be combined with Ion Financial and Lincoln 1st Bank to merge into Ion Bank. Minority shareholders of Lincoln Park Bancorp will receive $10.10 per share, valuing the transaction at approximately $7.5 million. The merger is expected to be accretive to capital and earnings and will provide Ion Bank with new branch locations in New Jersey. Completion of the merger is anticipated in Q3 2022, pending regulatory and shareholder approvals.
Lincoln Park Bancorp (OTC PINK:LPBC) reported a net loss of $762,000 for 2020, improving from a $2.5 million loss in 2019. In Q4 2020, the loss decreased to $278,000, compared to $1.3 million in Q4 2019. Net interest income for 2020 was $5.3 million, down from $5.5 million in 2019. Non-interest income surged 100.2% to $1.1 million, mainly due to gains on securities sales. Total assets increased by 2.2% to $314.4 million, while net loans receivable dropped 9.6% to $181.7 million. The Company maintained a stable equity of $16.6 million and reported a tax benefit from the CARES Act.
Lincoln Park Bancorp (LPBC) reported a net income of $97,000 for Q3 2020, a significant improvement from a net loss of $376,000 in Q3 2019. For the first nine months, the company posted a net loss of $484,000, improving from a loss of $1.2 million in the same period last year. Key highlights include a decrease in net loans to $192.2 million and a 14% increase in transaction account average balances year-over-year. The company also consolidated back-office locations, realizing a 27% savings in operating expenses. The Bank's non-interest income rose to $1 million year-to-date, driven by gains from securities sales.
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