Columbia Financial goes fully public and buys Northfield Bank
Money MovesA New Jersey lender raised $1.67 billion selling stock, then used part of it to acquire a 139-year-old rival
July 20th, 2026: Conversion and merger scheduled to closeNew here? Follow stories to track developments over time. Create a free account to get updates when stories you care about change.
Overview
Columbia Financial sold about 167.2 million new shares at $10 each on July 17, raising roughly $1.67 billion. The sale ends its half-mutual, half-public ownership and turns it into an ordinary public company.
Part of that cash immediately pays for Northfield Bancorp, a $580 million deal that folds a 139-year-old Staten Island lender into Columbia. The combined bank will hold about $18 billion in assets, the third-largest based in New Jersey. Both deals close July 20.
Why it matters
Two familiar New Jersey and New York banks are becoming one, and the new owner is now answerable to public shareholders instead of a member-owned trust.
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People Involved
Organizations Involved
Columbia Financial is the parent of Columbia Bank, a Fair Lawn, New Jersey lender with 71 offices.
Northfield Bancorp is the parent of Northfield Bank, a Woodbridge, New Jersey lender with 37 offices across New Jersey and New York.
Timeline
February 2026 July 2026
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Conversion and merger scheduled to close
Latest ClosingThe second-step conversion and the Northfield merger are set to complete. Columbia Bank's mutual holding company ceases to exist. Trading is expected to resume July 21 on Nasdaq as CLBK.
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Offering priced at $1.67 billion
FinancialColumbia reports selling about 167.2 million shares at $10 each. It sets final Northfield consideration at roughly $580 million and a July 20 closing.
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Northfield shareholders pick cash or stock
CorporateNorthfield holders face the deadline to elect $14.25 in cash or 1.425 Columbia shares per share. Unelected shares default to a 70% stock, 30% cash mix.
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Stock offering opens with approvals in hand
RegulatoryColumbia begins its second-step stock offering at $10 a share after receiving regulatory sign-off for both the conversion and the Northfield purchase.
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Columbia unveils conversion and Northfield deal
AnnouncementColumbia announces it will fully convert to public ownership and, at the same time, buy Northfield Bancorp. The deal was valued near $597 million at signing.
Historical Context
2 moments from history that rhyme with this story — and how they unfolded.
Investors Bancorp second-step conversion (2014)
Investors Bancorp, a Short Hills, New Jersey thrift, completed the largest-ever second-step conversion, raising about $2.2 billion by selling stock to the public. Like Columbia, it shed a mutual holding company structure to become fully public.
The shares traded near the offering price at first, and the bank sat on a large capital cushion.
Investors used the capital to keep growing and buying, then agreed to sell itself to Citizens Financial Group in a deal that closed in 2022.
It is the closest recent template for what Columbia is doing: a New Jersey thrift raising a giant sum through the same conversion mechanism, then deploying it on deals.
Kearny Financial second-step conversion (2015)
Kearny Financial, another New Jersey thrift, converted to full public ownership and raised roughly $1.2 billion in its second-step offering. Its stock opened to public trading with a heavy capital base.
Kearny's shares spent stretches below the $10 offering price as investors questioned how fast it could put the money to work.
The bank used buybacks and dividends to return capital and made acquisitions to build scale over the following years.
It shows the risk in Columbia's plan: converted thrifts often trade below their issue price until they prove they can use the cash productively.
