Columbia Financial, Inc. Receives Regulatory Approvals for Acquisition of RSI Bank
Columbia Financial, Inc. (Nasdaq: CLBK) announced the acquisition of RSI Bancorp, M.H.C. and its affiliates, receiving regulatory approvals from the Federal Reserve System, the Office of the Comptroller of the Currency, and the New Jersey Department of Banking and Insurance. The transaction is expected to close on May 1, 2022, pending customary closing conditions. This acquisition will enhance Columbia's market presence and operational capabilities, as it integrates RSI's assets and services, aiming for improved financial performance.
- Acquisition of RSI Bancorp expected to enhance market presence.
- Regulatory approvals obtained indicate a smooth transition.
- Transaction expected to close on May 1, 2022, enhancing operational capabilities.
- Integration challenges may impact operational efficiency post-merger.
- Cost savings from the merger may not be fully realized or delayed.
- Regulatory conditions could adversely affect the acquisition.
FAIR LAWN, N.J., April 18, 2022 (GLOBE NEWSWIRE) -- Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”) and Columbia Bank (collectively, “Columbia”) today announced that Columbia and RSI Bancorp M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, “RSI”) 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 RSI.
The transaction is expected to close on May 1, 2022 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 and Freehold 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 that operates 62 full-service banking offices. Freehold Bank is a federally chartered savings bank headquartered in Freehold, New Jersey that operates two full-service banking offices. Both banks offer traditional financial services to consumers and businesses in our market areas.
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.
Columbia Financial, Inc. Contact Information:
Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717
FAQ
What is the significance of Columbia Financial's acquisition of RSI Bancorp?
When is the expected closing date for the Columbia and RSI Bancorp acquisition?
What regulatory approvals were obtained for the acquisition involving CLBK?
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