Columbia Bank to Acquire Northfield Bank for $597M

The holding companies behind US financial institutions Columbia Bank and Northfield Bank are set to merge. In an agreement inked this week, Columbia Financial will acquire Northfield Bancorp for approximately $597 million. The combination is expected to culminate in “the third-largest regional bank headquartered in New Jersey, with pro forma total assets of about $18 billion”, according to a joint statement.

As part of the move, Columbia will undertake a “second-step conversion” to transition from its mutual holding company structure to a fully public stock holding company. This process involves the creation of a new holding company to serve as the parent of the combined banks, with a subscription and community offering accompanying the conversion.

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