Columbia Financial to Acquire Northfield Bancorp for $580M
Columbia Financial, Inc. announced the successful completion of its firm commitment underwritten offering and subscription offering, raising $1.67 billion from the sale of 167.2 million shares at $10.00 per share as part of its second-step conversion. Immediately following the conversion, the company expects to finalize the acquisition of Northfield Bancorp Inc. for an aggregate merger consideration of $580 million. Northfield stockholders will receive $14.25 in cash or 1.425 shares of Columbia Financial common stock per share, with non-election shares receiving a 70% stock and 30% cash mix. The transactions are set to close on July 20, 2026, with shares beginning to trade on Nasdaq on July 21, 2026, under the symbol "CLBK".
Key Highlights
- Columbia Financial completed its second-step conversion offering, raising $1.67 billion.
- Sold 167,236,353 shares of common stock at $10.00 per share in the offering.
- Firm commitment offering accounted for 52,291,781 shares; subscription offering for 114,944,572 shares.
- Existing Holding Company shares will be exchanged for 2.2000x shares of the new Company.
- Expected to complete the acquisition of Northfield Bancorp Inc. for $580 million.
- Northfield stockholders to receive $14.25 cash or 1.425 shares of Company stock per share.
- Non-election Northfield shares will receive a mix of 70% stock and 30% cash.
- Transactions are scheduled to close on July 20, 2026, with trading starting July 21, 2026.
Price Impact
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