Kearny Financial Corp. Announces Executive Management Succession Plan
FAIRFIELD, NJ--(Marketwire - February 2, 2010) - Kearny Financial Corp. (NASDAQ: KRNY) (the
"Company") announced that in accordance with the Company's Executive
Management Succession Plan, John N. Hopkins, President and Chief Executive
Officer of the Company and Kearny Federal Savings Bank, will retire
effective April 1, 2011. Until his retirement, Mr. Hopkins will continue to
serve as Chief Executive Officer of the Company and the Bank, and upon his
retirement he will continue serving as a Director of both entities.
Craig L. Montanaro, Senior Vice President and Director of Strategic
Planning, will assume the title of President and Chief Operating Officer of
both the Company and Kearny Federal Savings Bank effective April 1, 2010.
Upon Mr. Hopkins' retirement, Mr. Montanaro will also assume the title of
Chief Executive Officer. Mr. Montanaro joined the Bank in 2003.
William C. Ledgerwood, Senior Vice President and Chief Financial Officer,
will be named Executive Vice President and Chief Financial Officer
effective April 1, 2010. Upon Mr. Montanaro's appointment to Chief
Executive Officer on April 1, 2011, Mr. Ledgerwood will assume the title of
Executive Vice President and Chief Operating Officer. Mr. Ledgerwood
joined the Bank in 1998.
Mr. Hopkins has been in senior management with Kearny Federal Savings Bank
since 1975. He has served as President and Chief Executive Officer since
2002. During his 45-year banking career, Mr. Hopkins has been active in
numerous professional and charitable organizations. He is currently the
Chairman of the Board of Trustees of Clara Maass Medical Center. Under his
leadership Kearny Federal Savings Bank has grown to 27 retail branches and
more than $2.2 billion in assets. Kearny Federal Savings Bank is one of
New Jersey's oldest financial institutions and was chartered over 125 years
ago in 1884.
"My decision to opt for early retirement will allow me to spend more time
with my family and pursue other interests that I have had to postpone until
now. It has truly been an honor and privilege to serve Kearny Federal
Savings Bank since 1975 and Kearny Financial Corp. since its inception in
2001. I am certain that Craig Montanaro, Bill Ledgerwood and our entire
management team will continue to strive to take the Company and the Bank to
the next level of success and beyond. I offer my congratulations to both
Craig and Bill on their appointments and I am confident that they will
serve the Company and its shareholders and the Bank and its customers and
employees with distinction," stated Mr. Hopkins.
"Kearny Financial Corp. and its management team will continue to pursue
increasing long-term shareholder value despite a difficult economic
environment. I am excited to assume the leadership of an experienced
management team that is prepared for today's and tomorrow's challenges. We
look forward to executing a plan that calls for significant growth and
increased profitability, one that is focused on creating value with new
products and marketing concepts," added Mr. Montanaro.
Statements contained in this news release that are not historical facts are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
are subject to risks and uncertainties which could cause actual results to
differ materially from those currently anticipated due to a number of
factors, which include, but are not limited to factors discussed in
documents filed by Kearny Financial Corp. with the Securities and Exchange
Commission from time to time. The Company does not undertake and
specifically disclaims any obligation to update any forward-looking
statement, whether written or oral, that may be made from time to time by
or on behalf of the Company.