Columbia Financial, Inc. Receives Regulatory Approvals for the Acquisition of Freehold Bank
25 November 2021 - 8:05AM
Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the
“Company”) and Columbia Bank (collectively, “Columbia”) today
announced that Columbia and Freehold MHC, Freehold Bancorp and
Freehold Bank (collectively, “Freehold”) 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 Freehold.
The transaction is expected to close on December
1, 2021 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. 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. The Bank offers
traditional financial services to consumers and businesses in our
market areas through its 61 full-service banking offices.
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 adverse changes to credit quality;
(vii) changes in legislation, regulations and policies; and (viii)
the effect of the COVID-19 pandemic, including on our credit
quality and business operations, as well as its impact on general
economic and financial market conditions. Additional factors that
could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in
Columbia’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 Columbia
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.
Contact
Information: Columbia
Financial, Inc.Investor Relations Department(833) 550-0717
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