Columbia Financial, Inc. Announces the Results of Its Offering; Final Merger Consideration; and Anticipated Closing Date

About this update from Columbia Financial, Inc.

FAIR LAWN, N.J., July 16, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the "Company"), a Maryland corporation and the proposed successor to Columbia Financial, Inc. (Nasdaq Global Select Market: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank (the "Holding Company" or "Columbia"), announced today that it has completed its firm commitment underwritten offering in connection with Columbia's second-step conversion. As a result of the firm commitment underwritten offering and the recently completed subscription offering, the Company expects to sell 167,236,353 shares of its common stock at a purchase price of $10.00 per share for total offering proceeds of $1.67 billion. Orders for a total of 52,291,781 shares at a purchase price of $10.00 per share have been accepted in the firm commitment underwritten offering, for which Keefe, Bruyette & Woods, Inc., A Stifel Company , served as the lead-left book running manager, Piper Sandler & Co. acted as co-book running manager and Brean Capital, LLC acted as co-manager. The Company received orders for 114,944,572 shares in the subscription offering portion of its second-step conversion, for which Keefe, Bruyette & Woods, Inc., A Stifel Company , acted as selling agent, including 5,017,091 shares subscribed for by the Company's ESOP. Existing shares of the Holding Company common stock held by the minority shareholders will be exchanged for 2.2000x shares of Company common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share. The Company also announced that, immediately upon completion of the conversion, it expects to complete the acquisition of Northfield Bancorp Inc. Based on the final valuation report of the independent appraiser, Northfield stockholders will receive either $14.25 in cash or 1.425 shares of Company common stock for each share of Holding Company common stock, or a combination thereof, subject to the elections they made and proration procedures, for aggregate merger consideration of $580 million. For Northfield stockholders who did not make an election ("non-election shares"), such stockholders will receive a mix of cash and Company common stock for the non-election shares of Northfield common stock held by such stockholders based on the proration procedures in the Agreement and Plan of Merger, which will result in final aggregate merger consideration of 70% stock and 30% cash. As previously announced, the election deadline for Northfield stockholders was 5:00 p.m., New York time, on Friday, July 10, 2026.

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