Announcement • Jul 02

+ 1 more update

Ion Bank completed the acquisition of Lincoln Park Bancorp. (OTCPK:LPBC) from Lincoln Park Bancorp, MHC and others.

Ion Bank entered into a definitive agreement to acquire Lincoln Park Bancorp. (OTCPK:LPBC) from Lincoln Park Bancorp, MHC and others on November 23, 2021. Under the terms of the merger agreement, the minority shareholders of Lincoln Park Bancorp (shareholders other than Lincoln Park Bancorp, MHC) will receive $10.10 in cash in exchange for each share of Lincoln Park Bancorp common stock, for a transaction valued in aggregate at approximately $7.5 million to the minority shareholders. The merger agreement provides that the $10.10 per share price may be subject to a downward price adjustment after resolution of the “Subject Loans” referenced in the Merger Agreement. As of March 29, 2022, parties amended the agreement and deleted the downward adjustment provision. Currently, Lincoln Park Bancorp has 1,735,421 shares of common stock outstanding, of which 999,810 shares are owned by Lincoln Park Bancorp, MHC and the remaining 735,611 shares are owned by the minority shareholders. Upon completion of the transaction, Philip B. Vaz, Co-President and Chief Operating Officer of Lincoln 1st Bank, is expected to join Ion Bank as its New Jersey Regional President and Erik Terpstra, Co-President and Chief Financial Officer of Lincoln 1st Bank, is expected to join Ion Bank as its Director of Risk. Additionally, the merger agreement provides that one director of Lincoln Park Bancorp, MHC and Lincoln 1st Bank serving immediately before the closing of the transaction will be appointed to the Board of Trustees of Ion Financial, MHC and the Board of Directors of Ion Bank. The transaction is subject to requisite regulatory and other approvals and approval by Lincoln Park Bancorp shareholders. The merger agreement was unanimously approved by the boards of directors of all parties to it. Lincoln Park Bancorp will hold a Special Meeting of Stockholders on June 15, 2022, to approve the transaction. As of June 22, 2022, Lincoln Park Bancorp and Ion Bank have received all requisite regulatory approvals to complete their merger. Lincoln Park Bancorp's stockholders approved the merger at a Special Meeting of Stockholders held on June 15, 2022. The transaction is expected to close in third quarter of 2022. As of June 22, 2022, the transaction is expected to complete on July 1, 2022. Ion Financial, MHC expects the merger to be accretive to tangible capital and earnings. Hogan Lovells US LLP is serving as legal counsel to Ion Financial, MHC and Ion Bank. Piper Sandler & Co. is serving as financial advisor to Lincoln Park Bancorp and has provided a fairness opinion to its Board of Directors. Larry Spaccasi, Victor Cangelosi, Beverly White and Babette Schwartz of Luse Gorman, PC is serving as legal advisors to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank. Ion Bank completed the acquisition of Lincoln Park Bancorp. (OTCPK:LPBC) from Lincoln Park Bancorp, MHC and others on July 1, 2022. As a result of with the completion of the mergers, Lincoln Park Bancorp, MHC will be dissolved.

Announcement • Nov 24

Ion Bank entered into a definitive agreement to acquire Lincoln Park Bancorp. (OTCPK : LPBC) from Lincoln Park Bancorp, MHC and others.

Ion Bank entered into a definitive agreement to acquire Lincoln Park Bancorp. (OTCPK : LPBC) from Lincoln Park Bancorp, MHC and others on November 23, 2021. Under the terms of the merger agreement, the minority shareholders of Lincoln Park Bancorp (shareholders other than Lincoln Park Bancorp, MHC) will receive $10.10 in cash in exchange for each share of Lincoln Park Bancorp common stock, for a transaction valued in aggregate at approximately $7.5 million to the minority shareholders. The merger agreement provides that the $10.10 per share price may be subject to a downward price adjustment after resolution of the “Subject Loans” referenced in the Merger Agreement. Currently, Lincoln Park Bancorp has 1,735,421 shares of common stock outstanding, of which 999,810 shares are owned by Lincoln Park Bancorp, MHC and the remaining 735,611 shares are owned by the minority shareholders. Upon completion of the transaction, Philip B. Vaz, Co-President and Chief Operating Officer of Lincoln 1st Bank, is expected to join Ion Bank as its New Jersey Regional President and Erik Terpstra, Co-President and Chief Financial Officer of Lincoln 1st Bank, is expected to join Ion Bank as its Director of Risk. Additionally, the merger agreement provides that one director of Lincoln Park Bancorp, MHC and Lincoln 1st Bank serving immediately before the closing of the transaction will be appointed to the Board of Trustees of Ion Financial, MHC and the Board of Directors of Ion Bank. The transaction is subject to requisite regulatory and other approvals and approval by Lincoln Park Bancorp shareholders. The merger agreement was unanimously approved by the boards of directors of all parties to it. The transaction is expected to close in third quarter of 2022. Ion Financial, MHC expects the merger to be accretive to tangible capital and earnings. Hogan Lovells US LLP is serving as legal counsel to Ion Financial, MHC and Ion Bank. Piper Sandler & Co. is serving as financial advisor to Lincoln Park Bancorp and has provided a fairness opinion to its Board of Directors. Luse Gorman, PC is serving as legal counsel to Lincoln Park Bancorp, MHC, Lincoln Park Bancorp and Lincoln 1st Bank.

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Ion Bank completed the acquisition of Lincoln Park Bancorp. (OTCPK:LPBC) from Lincoln Park Bancorp, MHC and others.

Ion Bank entered into a definitive agreement to acquire Lincoln Park Bancorp. (OTCPK : LPBC) from Lincoln Park Bancorp, MHC and others.

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