Business
Columbia Financial, Inc. to Acquire Freehold Bank
FAIR LAWN, N.J. and FREEHOLD, N.J., June 17, 2021 (GLOBE NEWSWIRE) -- Columbia Bank, MHC, Columbia Financial, Inc. (NASDAQ: CLBK) and Columbia Bank
About this update from Columbia Financial, Inc.
[{"type":"text","content":"FAIR LAWN, N.J. and FREEHOLD, N.J., June 17, 2021 (GLOBE NEWSWIRE) -- Columbia Bank, MHC, Columbia Financial, Inc. (NASDAQ: CLBK) and Columbia Bank (collectively, “Columbia”), and Freehold MHC, Freehold Bancorp and Freehold Bank (collectively, “Freehold”) announced today the signing of a definitive merger agreement. Under the terms of the merger agreement, Columbia will acquire Freehold, with Freehold MHC and Freehold Bancorp merging into Columbia Bank, MHC and Columbia Financial, respectively. At the effective time of these mergers, Freehold Bank will convert to a federal savings bank and operate as a wholly-owned subsidiary of Columbia Financial. As a subsidiary of Columbia Financial, current depositors of Freehold Bank will become members of, and will have the same rights and privileges in, Columbia Bank, MHC, the mutual holding company parent of Columbia Bank, as if their accounts had been established in Columbia Bank on the date established at Freehold. As part of the transaction, Columbia Financial will issue additional shares of its common stock to Columbia Bank, MHC in an amount equal to the fair value of Freehold as determined by an independent appraiser. These shares are expected to be issued immediately prior to completion of the mergers. In addition, following the completion of the mergers, Columbia and Columbia Bank Foundation will support the charitable organizations serving the communities currently served by Freehold. Freehold Bank is Monmouth County’s oldest savings institution, having provided financial services in its local community for more than 167 years, and operates from its main office and one branch office, both of which are located in Freehold, New Jersey. As of March 31, 2021, Freehold Bank had total assets of $299.8 million, loans of $155.9 million, deposits of $197.2 million and equity capital of $39.5 million. Columbia has offered full employment to all Freehold employees with Freehold Bank, and will add one current member of Freehold’s Board of Directors to Columbia Bank’s Board of Directors following the completion of the merger of Freehold Bank into Columbia Bank, which is anticipated to occur two years after the completion of the mergers of the holding companies. Mr. Thomas J. Kemly, Columbia’s President and Chief Executive Officer, commented: “We are pleased with the opportunity to welcome Fre...