Kearny Financial has agreed to acquire Clifton Bancorp, the holding company for Clifton Savings Bank (CSBK), in an all-stock transaction of worth around $408m.

CSBK will merge with and into Kearny as per the terms of the deal and each outstanding share of CSBK common stock will be exchanged for 1.191 shares of Kearny common stock.

CSBK had assets of $1.6bn, loan book of $1.1bn and customer deposits of worth $915m as at 30 September 2017.

Following the completion of the deal, Kearny shareholders will own 76% stake in the combined entity, while shareholders of will CSBK will own the remaining 24% stake.

The combined entity will have $6.5bn in assets, $4.4bn loan book and $3.9bn customer deposits.

The deal is expected to close by the end of first quarter 2018 or early in the second calendar quarter of 2018, subject to regulatory and shareholder approval.

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Kearny president and CEO Craig Montanaro said: “Together, the combined company provides for an enhanced customer experience through an expanded branch and ATM network, more diverse products and services and strengthened ties to our communities through the financial support of the Kearny Bank Foundation.”

CSBK president and CEO Paul Aguggia said: “We believe that this strategic combination creates a stronger organization that will benefit our customers and create opportunities for our employees.”