Columbia Financial Inc., the holding company for Fair Lawn-based Columbia Bank, will acquire Northfield Bancorp Inc. in a transaction valued at approximately $597 million, the companies announced Monday.<\/p>\n
The merger will create the third largest regional bank headquartered in New Jersey, with total assets of $18 billion based on financial data as of Dec. 31, 2025. Columbia operates 71 full-service banking offices while Northfield operates 37 branches on Staten Island, in Brooklyn, and in several New Jersey counties.<\/p>\n
The deal comes as Columbia simultaneously converts from a mutual holding company structure to a fully public stock company in what\u2019s known as a \u201csecond-step conversion.\u201d As part of that process, shares representing majority ownership will be sold to the public at $10 per share.<\/p>\n
Northfield shareholders will receive either stock or cash depending on the final valuation. If the valuation is less than $2.3 billion, shareholders can choose either 1.425 shares of the new holding company stock or $14.25 in cash. At higher valuations, those ratios increase. No more than 30% of Northfield shares can be converted to cash.<\/p>\n
Columbia depositors with qualifying deposits as of Dec. 31, 2024, will have first priority to purchase shares in the stock offering.<\/p>\n
The company anticipates the merger would boost earnings per share by 50% in 2027 based on the midpoint of estimated valuations.<\/p>\n
\u201cWe are excited to announce our second-step conversion and simultaneous merger with Northfield,\u201d said Thomas J. Kemly, president and chief executive officer of Columbia. \u201cNorthfield has built an excellent deposit franchise with a conservative credit culture, which makes it an ideal fit with Columbia and provides great opportunities for future growth.\u201d<\/p>\n
Steven M. Klein, chairman, president, and chief executive officer of Northfield, said he has known and respected the Columbia team for nearly 40 years. \u201cI believe this combination will create enormous value and opportunity for our team members, customers, and stockholders,\u201d Klein said.<\/p>\n
Following the merger, Kemly will continue as president and CEO of the new holding company and bank. Klein will become senior executive vice president and chief operating officer. The board will include Columbia\u2019s current directors plus four members from Northfield\u2019s board, including Klein.<\/p>\n
Both companies\u2019 boards unanimously approved the merger agreement. <\/p>\n
(Generative AI was used to draft this story. It was reviewed and edited by Advance\/SILive.com staff.)<\/p>\n","protected":false},"excerpt":{"rendered":"Columbia Financial Inc., the holding company for Fair Lawn-based Columbia Bank, will acquire Northfield Bancorp Inc. in a…\n","protected":false},"author":2,"featured_media":120810,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[9,24,63,134,136,135],"class_list":{"0":"post-120809","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-staten-island","8":"tag-new-york","9":"tag-new-york-city","10":"tag-nyc","11":"tag-staten-island","12":"tag-staten-island-headlines","13":"tag-staten-island-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/120809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=120809"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/120809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/120810"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=120809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=120809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=120809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}