Exhibit 5.0

	1227 25TH STREET, N.W.
	SUITE 200 WEST
	WASHINGTON, D.C. 20037
	202-434-4660
	FAX 202-434-4661
	www.joneswalker.com

March 6, 2015

The Board of Directors

MSB Financial Corp.

1902 Long Hill Road

Millington, New Jersey 07946-0417

Re: MSB Financial Corp., Common Stock, Par Value $0.01 Per Share

Gentlemen:

We have acted as counsel to MSB Financial Corp., a Maryland corporation (the “Company”), in connection with the registration under the Securities Act of 1933, as amended (the “Act”), of up to 6,267,362 shares of common stock, $0.01 par value per share, of the Company (the “Shares”) pursuant to a registration statement on Form S-1 (the “Registration Statement”) initially filed with the Securities and Exchange Commission on March 6, 2015. The Registration Statement relates to up to 3,769,125 shares (the “Offering Shares”) that may be issued in a subscription offering, community offering and/or syndicated community offering and up to 2,498,237 shares (the “Exchange Shares”) that may be issued in exchange for outstanding shares of common stock, $0.10 par value per share, of MSB Financial Corp., a federal corporation.

We have reviewed the Registration Statement, the Plan of Conversion and Reorganization filed as Exhibit 2.0 to the Registration Statement, and the corporate proceedings of the Company with respect to the authorization of the issuance of the Shares. We have also examined originals or copies of such documents, corporate records, certificates of public officials and other instruments, and have conducted such other investigations of law and fact as we have deemed necessary or advisable for purposes of our opinion. In our examination, we have assumed, without verification, the genuineness of all signatures, the authenticity of all documents and instruments submitted to us as originals, and the conformity to the originals of all documents and instruments submitted to us as certified or conformed copies.

This opinion is limited solely to the Maryland General Corporation Law, including applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting such law.

The Board of Directors

MSB Financial Corp.

March 6, 2015

Page 2

For purposes of this opinion, we have assumed that, prior to the issuance of any shares, the Registration Statement, as finally amended, will have become effective under the Act and that the mergers contemplated by the Plan of Conversion and Reorganization will have become effective.

Based upon and subject to the foregoing, it is our opinion that:

(i) the Offering Shares, when issued and sold in the manner described in the Registration Statement, will be legally issued, fully paid and nonassessable; and

(ii) when the Company issues and delivers the Exchange Shares in accordance with the terms of the Plan of Conversion and Reorganization, the Exchange Shares will be legally issued, fully paid and nonassessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and as an exhibit to MSB Financial, MHC’s Application on Form AC filed with the Board of Governors of the Federal Reserve System (the “Federal Reserve Board Application”), and to the reference to our firm under the heading “Legal and Tax Opinions” in the prospectus which is part of the Registration Statement as such may be amended or supplemented, or incorporated by reference in any Registration Statement covering additional shares of Common Stock to be issued or sold under the Plan of Conversion and Reorganization that is filed pursuant to Rule 462(b) of the Act, and to the reference to our firm in the Federal Reserve Board Application. In giving such consent, we do not hereby admit that we are experts or are otherwise within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Securities and Exchange Commission thereunder.

Sincerely,

/s/ Jones Walker LLP

JONES WALKER LLP