Columbia Financial raises $1.67B in conversion, sets Northfield merger at $580M, closing July 20

Columbia Financial, Inc./MD/

Total offering proceeds of $1.67B from 167.2M shares at $10.00 per share in second-step conversion.
Subscription offering: 114.9M shares; underwritten offering: 52.3M shares led by KBW, Piper Sandler, Brean Capital.
Minority shareholders exchange at 2.2000x shares of Company common stock per Holding Company share.
Northfield acquisition: $580M aggregate consideration; $14.25 cash or 1.425 shares per share; 70% stock/30% cash for non-election shares.
Transactions close July 20, 2026; trading under CLBK on Nasdaq begins July 21.

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