Columbia Financial just hit a major milestone, officially wrapping up its shift from a mutual holding company while rolling out a massive $1.7 billion stock offering and finalizing its $580 million merger with Northfield Bancorp.
The milestone transactions establish Fair Lawn-based Columbia Bank as one of the largest community-focused financial institutions headquartered in the region.
Following the closing, on a pro forma basis as of March 31, 2026, Columbia boasts staggering scale across the Tri-State area:
- Total Assets: $18.0 billion
- Total Deposits: $12.5 billion
- Total Loans Held for Investment: $11.9 billion
- Branch Network: More than 100 full-service locations spanning New Jersey, as well as Staten Island and Brooklyn, New York.
As part of the merger, Northfield Bank was officially integrated into Columbia Bank, operating under 100% public ownership.
“The combination of our two organizations creates one of the largest community banks headquartered in the region, with substantial excess capital to support growth, strengthen our market position and create long-term value,” Thomas Kemly, president and chief executive officer of Columbia said. “Columbia and Northfield share proud histories as community banks built on strong relationships, local decision-making and a deep commitment to the communities we serve.”
In the stock offering, Columbia sold 167,236,353 shares of common stock at $10.00 per share. Existing public stockholders of the holding company had their shares exchanged at a ratio of 2.2000 shares of the new corporate entity for each old share held.
For the Northfield acquisition, Northfield stockholders received an aggregate transaction value of $580 million, structured as a mix of 70% stock and 30% cash (or elections of $14.25 per share in cash or 1.425 shares of company stock).
Following adjustments and fractional share payouts, Columbia now has approximately 269.5 million shares outstanding.
To guide the newly expanded financial institution, four former Northfield directors have been appointed to the Boards of Directors of Columbia Financial, Inc. and Columbia Bank:
- John Connors, Jr.
- Timothy Harrison
- Steven Klein
- Paul Stahlin
Additionally, Steven Klein—formerly Chairman, President, and CEO of Northfield—has taken on the executive role of Senior Executive Vice President and Chief Operating Officer of Columbia and the Bank.
“Today marks the successful completion of that effort and the beginning of an exciting new chapter,” Klein said. “With a shared commitment to our customers, team members, communities, and stockholders, we have created a stronger institution with the scale, talent, and financial strength to deliver greater value and drive long-term growth.”
