Columbia Financial Strikes Agreement To Acquire Northfield Bancorp For ~$597M

Columbia Financial, Inc. ("Columbia") (NASDAQ:CLBK), the mid-tier holding company for Columbia Bank (the "Bank"), and Northfield Bancorp, Inc. ("Northfield") (NASDAQ:NFBK), the holding company for Northfield Bank, jointly announced today that they have entered into an agreement and plan of merger for Columbia to acquire Northfield in a transaction valued at approximately $597 million. The combination of the two organizations will create the third largest regional bank headquartered in New Jersey, with pro forma total assets of $18 billion based on financial data as of December 31, 2025.

In connection with the announcement of the merger, Columbia also announced that its Board of Directors, together with the Boards of Directors of Columbia Bank MHC (the "MHC") and the Bank, have unanimously adopted a plan of conversion and reorganization, pursuant to which (i) shares representing the majority ownership of the MHC will be sold to the public at a price of $10.00 per share and (ii) the Bank, which is currently in the mutual holding company structure, will reorganize into the fully public stock holding company form of organization in a transaction commonly referred to as a "second-step" conversion. As part of the second-step conversion, the Bank will become a wholly owned subsidiary of a new holding company formed in connection with the transaction (the "Holding Company").