As the pending merger between New Jersey banking staples Columbia Financial, Inc. and Northfield Bancorp, Inc. progresses, the companies have officially begun the process of collecting stockholder preferences for their merger consideration.
On June 11, Columbia Financial—the holding company for Fair Lawn-based Columbia Bank—and Woodbridge-based Northfield Bancorp announced that they have mailed election forms to Northfield stockholders. These materials allow shareholders to choose their preferred payout method upon the completion of the merger: either shares of the newly formed Columbia Financial holding company, cash, or a combination of the two.
Northfield stockholders must return their completed election forms by 5:00 p.m. Eastern time on July 10.
This step is a key component of the merger agreement entered into on January 31, 2026. The transaction remains subject to several closing conditions, including the approval of the merger by stockholders of both institutions and the successful completion of Columbia’s pending “second-step conversion” transaction.
The value of the consideration received by Northfield stockholders will depend on the final appraised value of the new Columbia holding company. Depending on the final valuation, Northfield shareholders are set to receive between 1.425 and 1.465 shares of common stock, or between $14.25 and $14.65 in cash per share.
The companies noted that the total cash portion of the merger is limited to 30% of outstanding Northfield shares. If more than 30% of shareholders elect for cash, a proration process will be implemented as detailed in the provided election materials.
The merger represents a significant consolidation in the New Jersey and regional banking landscape. Columbia Bank, headquartered in Fair Lawn, currently operates 70 full-service banking offices. Northfield Bank, founded in 1887, maintains a strong presence with 37 offices across Staten Island, Brooklyn, and several New Jersey counties, including Hunterdon, Middlesex, Mercer, and Union.
This election process is distinct from the upcoming special meeting of Northfield stockholders, scheduled for June 26, where the merger deal itself will be put to a vote.
