Columbia Financial received over 5,000 orders totaling approximately $925 million in its subscription offering that expired June 16 for its second-step conversion. It raised individual limits from 300,000 shares ($3 million) to 800,000 shares ($8 million) and group limits from 1,000,000 shares ($10 million) to 5,000,000 shares ($50 million).
Columbia Financial announced it received over 5,000 orders representing roughly $925 million in its subscription offering that expired June 16. This offering forms part of the company’s second-step conversion of Columbia Bank MHC from mutual to stock form.
The company increased the maximum individual purchase limit from 300,000 shares ($3 million) to 800,000 shares ($8 million) and raised the maximum group limit from 1,000,000 shares ($10 million) to 5,000,000 shares ($50 million).
Only subscribers who ordered the previous maximum will be resolicited and receive supplemental stock order forms. Completed forms with full payment must be received by June 30 at 2:00 p.m. Eastern to secure additional shares.
Completion of the offering is subject to shareholder and depositor approval of the conversion plan, final regulatory approvals including an updated independent appraisal, and sale of at least 142,375,000 shares, which may include up to 61,390,681 shares issued as merger consideration to Northfield Bancorp stockholders.
