A New Jersey investor has received approval from the Federal Reserve to significantly boost its stake in MSB Financial in Millington, N.J.
Lawrence Seidman disclosed in a regulatory filing Thursday that the Fed had approved his bank control application, allowing him to own up to 24.99% of the $434 million-asset MSB's outstanding shares. Seidman and affiliated funds already own about 10.3% of MSB's common stock.
Seidman, who joined MSB's board in June, did not disclose his reasons for wanting to increase his stake in the company.
MSB last year completed a conversion to an all-stock company.