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MONTCLAIR BANCORP SHAREHOLDERS APPROVE ACQUISITION

 MONTCLAIR, N.J., Feb. 18 /PRNewswire/ -- Montclair Bancorp, Inc. (NASDAQ-NMS: MSBI), today announced that at a special meeting of its shareholders held on Feb. 4, 1993, the holders of 77 percent of the company's outstanding common stock had voted to approve the previously announced acquisition of the company by Collective Bancorp, Inc.
 Under the terms of the acquisition agreement, Collective will pay $24.15 in cash for each outstanding share of Montclair common stock. The $24.15 purchase price will be increased on the second day of each of March, April and May 1993 by $0.05 per share unless the acquisition is consummated by the previous day of each such month.
 Consummation of the acquisition remains subject to the satisfaction of certain other conditions, including approval of the transaction and certain related matters by various regulatory agencies.
 Bernard J. Martin, chairman and chief executive officer of Montclair, stated: "We are gratified that shareholders have voted to approve the merger with Collective. Obtaining this shareholder approval is an important step towards the fulfillment of the board of directors' goal to affiliate Montclair with a larger compatible financial institution."
 Montclair, headquartered in Montclair, N.J., has assets of approximately $600 million. Its principal subsidiary, Montclair Savings Bank, is a New Jersey state chartered savings bank which operates eight banking offices in the Northern New Jersey counties of Essex, Morris and Union.
 -0- 2/18/93
 /CONTACT: Anne J. Pescatore, vice president of Montclair Bancorp, 201-744-3500/
 (MSBI)


CO: Montclair Bancorp, Inc.; Collective Bancorp, Inc. ST: New Jersey IN: FIN SU:

GK-TM -- NY081 -- 8072 02/18/93 16:20 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:267
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