topstockalerts
May 8, 10:03 PM
The Federal Reserve approved Columbia Bank MHC and Columbia Financial, Inc. (both Fair Lawn, New Jersey) to convert from a mutual structure to a stock holding company and proceed with the acquisition of Northfield Bancorp, Inc.
The transaction allows Columbia Financial to become a savings and loan holding company by acquiring Columbia Bank and to also acquire Northfield Bancorp of Woodbridge, New Jersey, indirectly acquiring Northfield Bank of Staten Island, New York. After completion, Northfield Bancorp would merge into Columbia Financial, and Northfield Bank into Columbia Bank.
Columbia Bank MHC holds about
$11B in assets and
$8.5B in deposits (under 1% of U.S. insured deposits). Northfield Bancorp holds about
$5.8B in assets and
$4B in deposits. The combined institution would rank as the 110th largest insured depository organization in the U.S. with roughly
$18.1B in assets.
$CLBK $NFBK
