Business
Columbia Financial, Inc. Receives Regulatory Approvals for Acquisition of RSI Bank
FAIR LAWN, N.J., April 18, 2022 (GLOBE NEWSWIRE) -- Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”) and Columbia Bank
About this update from Columbia Financial, Inc.
[{"type":"text","content":"FAIR LAWN, N.J., April 18, 2022 (GLOBE NEWSWIRE) -- Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”) and Columbia Bank (collectively, “Columbia”) today announced that Columbia and RSI Bancorp M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, “RSI”) have received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the New Jersey Department of Banking and Insurance necessary to complete Columbia’s acquisition of RSI. The transaction is expected to close on May 1, 2022 and is subject to customary closing conditions. About Columbia Financial, Inc. Columbia Financial, Inc. is a Delaware corporation organized as the mid-tier stock holding company of Columbia Bank and Freehold Bank. The Company 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 62 full-service banking offices. Freehold Bank is a federally chartered savings bank headquartered in Freehold, New Jersey that operates two full-service banking offices. Both banks offer traditional financial services to consumers and businesses in our 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 businesses of Columbia and Freehold may not be combined successfully, or such combination may take longer than 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) governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger or otherwise; (v) the interest rate environment may further compress margins and adversely affect net interest income; (vi) the risks associated with continued diversification of assets and ...