Columbia Financial Gains Conversion Approval, Raises $1.1B and Plans $10 Share Offering
CLBK•Columbia Financial’s stockholders and depositors approved its conversion from a mutual to a fully public holding company and simultaneous acquisition of Northfield Bancorp. The company raised approximately $1.1 billion in its subscription offering and plans a $10-per-share underwritten offering to sell at least 142.4 million shares, pending final approvals.
1. Approvals Secured for Conversion and Acquisition
At its June 25 annual meeting, Columbia Financial’s stockholders approved a Plan of Conversion from a mutual to a fully public holding company and concurrent acquisition of Northfield Bancorp. At a June 29 special meeting, depositors of Columbia Bank recorded approval of the second-step conversion.
2. $1.1B Raised in Subscription Offering
Between the subscription offering orders that expired June 16 and the recent resolicitation ending June 30, the company secured approximately $1.1 billion in commitments for its common stock offering, excluding contributions from its Employee Stock Ownership Plan.
3. Underwritten Offering Plans
Columbia Financial intends to launch a firm commitment underwritten offering the week of July 6 to sell remaining shares at $10 each, led by Keefe, Bruyette & Woods with Piper Sandler and Brean Capital as co-managers. The conversion’s closing depends on final regulatory sign-offs and the sale of at least 142,375,000 shares.
