Columbia Financial, Inc. Announces Receipt of Regulatory Approval for Merger of Freehold Bank Into Columbia Bank

$CLBK
Savings Institutions
Finance
Get the next $CLBK alert in real time by email

FAIR LAWN, N.J., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (NASDAQ:CLBK) (the "Company"), the mid-tier holding company for Columbia Bank and Freehold Bank, announced today that Columbia Bank has received the requisite regulatory approval from the Office of the Comptroller of the Currency necessary to merge Freehold Bank with and into Columbia Bank.

The transaction is expected to be completed on October 5, 2024, which is also the anticipated systems conversion date for the merger. The closing of the merger is subject to customary closing conditions.

About Columbia Financial, Inc.

Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank's mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 66 full-service banking offices. Freehold Bank is a federally chartered savings bank headquartered in Freehold, New Jersey that operates 2 full-service banking offices. Both banks offer traditional financial services to consumers and businesses in their market areas.

Forward-Looking Statements

This press release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on the Company's current expectations, estimates and projections about future events. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: (i) the completion of the merger may take longer than currently expected; (ii) the cost savings from the merger may not be fully realized or may take longer than expected to be realized; (iii) operating costs, customer loss and business disruption following the merger may be greater than expected; (iv) the interest rate environment may further compress margins and adversely affect net interest income; (v) the risks associated with continued diversification of assets and adverse changes to credit quality; and (vi) changes in legislation, regulations and policies. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Columbia Financial, Inc.

Investor Relations Department

(833) 550-0717



Get the next $CLBK alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$CLBK

DatePrice TargetRatingAnalyst
10/11/2023$18.00Buy
Janney
7/28/2022$24.00Overweight → Neutral
Piper Sandler
4/28/2022$23.00 → $20.00Buy → Neutral
Compass Point
12/2/2021$20.00 → $22.00Neutral → Overweight
Piper Sandler
More analyst ratings

$CLBK
Press Releases

Fastest customizable press release news feed in the world

See more
  • Columbia Financial, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

    FAIR LAWN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company") (NASDAQ:CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported a net loss of $21.2 million, or $0.21 per basic and diluted share, for the quarter ended December 31, 2024, as compared to net income of $6.6 million, or $0.06 per basic and diluted share, for the quarter ended December 31, 2023. The net loss for the quarter ended December 31, 2024 reflected lower non-interest income mainly due to the previously disclosed balance sheet repositioning transaction. As part of the Company's strategy to improve future earnings and expand its net interest margin, the Company sold $352.3 m

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. Announces Repositioning of Balance Sheet

    FAIR LAWN, N.J., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company") (NASDAQ:CLBK) the holding company for Columbia Bank (the "Bank") announced a repositioning of the Company's balance sheet. As part of the Company's strategy to improve future earnings and expand its net interest margin, the Company sold approximately $321 million of available-for-sale debt securities with a weighted average book yield of 1.53% and average life of 3.6 years that were mostly purchased during the COVID period. Proceeds from the sale were used to fund loan growth of $85 million, purchase $66 million of higher yielding debt securities and prepay $170 million of higher cost borrowin

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. Announces Appointment of New Senior Executive Vice President and Chief Operating Officer

    FAIR LAWN, N.J., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (NASDAQ:CLBK) (the "Company"), the mid-tier holding company for Columbia Bank (the "Bank"), announced today that Matthew Smith has been appointed as Senior Executive Vice President and Chief Operating Officer of the Company and the Bank effective as of November 25, 2024. The Company previously disclosed the retirement of E. Thomas Allen, Jr., the current Senior Executive Vice President and Chief Operating Officer of the Company and the Bank, effective as of January 31, 2025. Mr. Smith served as the Chief Digital Banking Officer and Head of Enterprise Product, Marketing and Transformation at Webster Bank from Febru

    $CLBK
    Savings Institutions
    Finance

$CLBK
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$CLBK
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$CLBK
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$CLBK
SEC Filings

See more

$CLBK
Leadership Updates

Live Leadership Updates

See more
  • Columbia Financial, Inc. Announces Appointment of New Senior Executive Vice President and Chief Operating Officer

    FAIR LAWN, N.J., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (NASDAQ:CLBK) (the "Company"), the mid-tier holding company for Columbia Bank (the "Bank"), announced today that Matthew Smith has been appointed as Senior Executive Vice President and Chief Operating Officer of the Company and the Bank effective as of November 25, 2024. The Company previously disclosed the retirement of E. Thomas Allen, Jr., the current Senior Executive Vice President and Chief Operating Officer of the Company and the Bank, effective as of January 31, 2025. Mr. Smith served as the Chief Digital Banking Officer and Head of Enterprise Product, Marketing and Transformation at Webster Bank from Febru

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. and Columbia Bank Appoint Mayra L. Rinaldi as Executive Vice President, Corporate Governance and Culture

    FAIR LAWN, N.J., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company"), and its wholly owned subsidiary Columbia Bank (the "Bank"), are pleased to announce the appointment of Mayra L. Rinaldi as Executive Vice President, Corporate Governance and Culture of the Company and the Bank. In her new role, Mrs. Rinaldi will continue to oversee the Corporate Governance, Executive Administration, Community Development and Corporate Facilities departments of the Company and the Bank. In addition, she will also continue to oversee Company's and the Bank's regulatory and SEC compliance requirements, Environmental, Social and Governance (ESG) strategy, which includes monitoring the

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. Announces the Appointment of Daria Torres to its Board of Directors

    FAIR LAWN, N.J., July 29, 2021 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (NASDAQ:CLBK), the parent company of Columbia Bank, is pleased to announce that Mount Laurel, New Jersey resident, Daria Torres has been appointed to the Boards of Directors of Columbia Financial and Columbia Bank effective July 27, 2021. Ms. Torres will also serve on the Audit Committee of the Company and the Bank. Ms. Torres' appointment brings the Company's total number of directors to ten, nine of whom are independent non-executive directors. Ms. Torres is the founder and Managing Partner of Walls Torres Group, LLC, a strategic management consulting firm that works with leading corporations, non-profits and

    $CLBK
    Savings Institutions
    Finance

$CLBK
Financials

Live finance-specific insights

See more
  • Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

    FAIR LAWN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company") (NASDAQ:CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, as compared to $9.1 million, or $0.09 per basic and diluted share, for the quarter ended September 30, 2023. The income for the quarter ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense. For the nine months ended September 30, 2024, the

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2024

    FAIR LAWN, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company") (NASDAQ:CLBK), the mid-tier holding company for Columbia Bank ("Columbia") and Freehold Bank ("Freehold"), reported net income of $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024, as compared to $1.7 million, or $0.02 per basic and diluted share, for the quarter ended June 30, 2023. The income for the quarter ended June 30, 2024 reflected higher non-interest income, mainly due to the 2023 period including a $9.6 million loss on securities transactions, and lower non-interest expense, partially offset by lower net interest income, mainly due to an increase in in

    $CLBK
    Savings Institutions
    Finance
  • Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2024

    FAIR LAWN, N.J., April 30, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company") (NASDAQ:CLBK), the mid-tier holding company for Columbia Bank ("Columbia") and Freehold Bank ("Freehold"), reported a net loss of $1.2 million, or $0.01 per basic and diluted share, for the quarter ended March 31, 2024, as compared to net income of $18.7 million, or $0.18 per basic and diluted share, for the quarter ended March 31, 2023. The net loss for the quarter ended March 31, 2024 reflected lower net interest income, mainly due to an increase in interest expense, a higher provision for credit losses and higher non-interest expense, partially offset by lower income tax expense. For the quarter

    $CLBK
    Savings Institutions
    Finance