NJ banks to merge in $597M deal

Core Insights - Columbia Financial will acquire Northfield Bancorp in a $597 million deal, creating the third-largest regional bank in New Jersey with combined assets of $18 billion [1][2] Group 1: Transaction Details - The merger will extend Columbia's presence into New York, with 19% of branches located in New York City boroughs post-merger [2] - Columbia plans to convert to a public company, selling shares of the mutual holding company at $10 per share as part of a second-step conversion [2][4] - Northfield shareholders will receive between 1.425 to 1.465 shares of Columbia per outstanding Northfield share, depending on the appraisal [5] Group 2: Financial Impact - The transaction is expected to be 50% accretive to Columbia's earnings per share by 2027 at the midpoint of the estimated valuation range [6] - Columbia's CEO emphasized the merger's potential to leverage capital and enhance financial results, citing Northfield's strong deposit franchise and conservative credit culture as a good fit [3][6] Group 3: Leadership Structure - Post-merger, Columbia's CEO Thomas Kemly will lead the new holding company, with Dennis Gibney and Thomas Splaine Jr. retaining their roles, while Northfield's CEO Steven Klein will become COO [6]