Columbia Financial priced its second-step stock conversion at $10.00 per share, selling more than 167 million shares to raise roughly $1.67 billion.1 The sale converts Columbia Bank MHC into a fully public stock holding company ahead of its Nasdaq debut on July 21, 2026.1
KBW served as lead underwriter on the offering, and Broadridge is acting as transfer agent for the newly issued shares.2
One day before that debut, Columbia Financial closes its acquisition of Northfield Bancorp on July 20, 2026.3 Northfield shareholders can elect $14.25 in cash or 1.425 Columbia Financial shares for each Northfield share they hold.3
The sequencing links the two deals directly. Columbia Financial closes the acquisition first, then completes its capital raise the next day, giving the combined company a fully converted public stock currency alongside a larger capital base to absorb Northfield.4
The transaction marks a structural shift for Columbia Bank, which has operated under a mutual holding company structure. Second-step conversions let mutual banks raise permanent capital specifically to fund growth, including acquisitions like Northfield.5
Pairing a conversion IPO with a simultaneous acquisition close is a capital-deployment strategy other mid-size mutual and community banks have watched closely. Rather than raising capital and pursuing a deal in separate steps, Columbia Financial converts and expands in the same week, letting new capital go straight to work instead of sitting on the balance sheet.1
The combination expands Columbia Financial's footprint and deposit base as it enters the public markets, reshaping the competitive landscape among regional lenders in its markets.4
Sources:
1 Columbia Financial, Inc. (Maryland Corporation), globenewswire.com, July 16, 2026
2 RBC Capital Markets LLC, nasdaq.com, July 17, 2026
3 Jose C. Gonzalez Navarro, globenewswire.com, July 10, 2026
4 Andria Phiniefs, globenewswire.com, July 08, 2026
5 Columbia Financial, Inc. (Maryland Corporation), finance.yahoo.com, July 07, 2026
