UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
April 16, 2007
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Date of Report
(Date of earliest event reported)
Kearny Financial Corp.
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(Exact name of Registrant as specified in its Charter)
United States 0-51093 22-3803741
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(State or other jurisdiction (SEC Commission (IRS Employer
of incorporation) File No.) Identification
Number)
120 Passaic Avenue, Fairfield, New Jersey 07004
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (973)244-4500
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Not Applicable
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(Former name or former address, if changed since last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
___ Written communications pursuant to Rule 425 under the Securities Act
___ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
___ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
___ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
KEARNY FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
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Appointment of Certain Officers; Compensatory Arrangements of Certain
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Officers.
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The Registrant announced that on April 16, 2007, the Board of Directors of
Kearny Federal Savings Bank (the "Bank") a wholly-owned subsidiary of the
Registrant, approved, effective July 1, 2007, "freezing" increases in all future
benefit accruals based upon changes in participant service and compensation
under the Kearny Federal Savings Bank Pension Plan, a non-contributory defined
benefit pension plan. This action also includes "freezing" the benefit accruals
under the Benefits Equalization Plan related to the defined benefit pension
plan. These actions are intended to provide the Registrant with additional
flexibility in managing the costs associated with the benefit plans provided to
the Registrant's employees while still preserving all retirement plan
participants' earned and vested benefits.
The Registrant, Kearny Financial Corp., is the holding company for Kearny
Federal Savings Bank, which operates from its administrative headquarters
building in Fairfield, New Jersey, and 26 retail branch offices located in
Bergen, Hudson, Passaic, Morris, Middlesex, Essex, Union and Ocean Counties, New
Jersey. At December 31, 2006, Kearny Financial Corp. had total assets, deposits
and stockholders' equity of $2.02 billion, $1.48 billion and $471.3 million,
respectively. Shares of Kearny Financial Corp.
trade on the NASDAQ Global Select Market under the symbol "KRNY."
Statements contained in this news release, which 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 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
KEARNY FINANCIAL CORP.
Date: April 19, 2007 By: /s/Craig L. Montanaro
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Craig L. Montanaro
Senior Vice President and
Director of Strategic Planning