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Columbia Financial, Inc. Announces Fourth Stock Repurchase Program
FAIR LAWN, N.J., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”), the holding company for Columbia Bank and Freehold
About this update from Columbia Financial, Inc.
[{"type":"text","content":"FAIR LAWN, N.J., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”), the holding company for Columbia Bank and Freehold Bank, today announced that the Company’s Board of Directors has authorized a new stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.6%, of the Company's currently issued and outstanding common stock, commencing upon the completion of the Company’s existing stock repurchase program. The new stock repurchase program was adopted following the receipt of a notice of non-objection from the Federal Reserve Bank of Philadelphia. On February 1, 2021, the Company announced its third stock repurchase program which authorized the purchase of up to 5,000,000 shares. Under this previously announced program, 3,811,361 shares of common stock have been repurchased at a cost of $66.2 million, or $17.36 per share. As of November 30, 2021, there are 1,188,639 shares remaining to be repurchased under this existing program. The repurchase program permits shares to be repurchased in open market transactions or through privately negotiated transactions, and pursuant to a trading plan that the Company intends to adopt in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Thomas J. Kemly, President and Chief Executive Officer of the Company, stated: “I am happy to announce our new repurchase program. The repurchase of shares of our common stock at attractive prices is a prudent way to deploy excess capital and increase shareholder value.” The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares and it may be extended, modified or discontinued at any time. 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. The Bank offers financial services to consumers and businesses in our market areas. As of September 30, 2021, Columbia had total asset...